A Practical Guide to Personal Services Income (PSI)

What it is, when it applies, and why it matters for your business

As a small business owner or contractor, it can be tricky to work out how the ATO treats the income you earn—especially if most of your work relies on your personal skills or expertise. One area that often causes confusion is Personal Services Income (PSI).

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Deciding on the appropriate business structure is a critical step for any entrepreneur in Australia. It not only affects the way your business operates but also has implications for taxation, liability, and long-term growth.

Understanding the ins and outs of claiming car expenses can be a game-changer for your financial situation.