• What to do when the PSI rules apply

    When the rules apply to the PSI you received, they affect how you report that PSI and the deductions you can claim.

    If you received PSI and the rules apply:

    • there are fewer deductions you can claim against this income, and
    • you will need to report this income as your own individual income.

    The way the PSI rules apply is different for:

    Note: The PSI rules will not affect:

    • the contractual relationships between you and your clients or customers – for example, you do not become an employee or stop being a contractor
    • your entitlement to an Australian business number (ABN) or registration for goods and services tax (GST)
    • whether you are still considered to be running a business.
    Last modified: 04 Feb 2016QC 46037