myTax 2017 Business and professional items

We have pre-filled your tax return with information from the Personal services income toolThis link opens in a new window.

This section must be completed if either of the following selections were made at Personalise return:

• Personal services income
• Business income or loss.

Personal services income

Warning:

This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

End of attention

Personal services income (PSI) is income that is mainly a reward for an individual’s personal efforts or skills.

Examples of PSI are:

• income of a professional practitioner in a sole practice
• income payable under a contract which is wholly or principally for the labour or services of a person
• income derived by a professional sportsperson or entertainer from the exercise of professional skills
• income derived by consultants from the exercise of personal expertise.

PSI does not include income that is mainly:

• for supplying or selling goods, for example, from retailing, wholesaling or manufacturing
• generated by a significant income-producing asset, such as a bulldozer
• for granting a right to use property, for example, the copyright to a computer program
• generated by a business structure, for example, a large accounting firm.

Completing this section

What you may need

You need details of your main business activity, including your Australian business number.

If you are having difficulty finding a Main business or professional activity description, see below.

1. See Business and professional items P1 Personal services income and answer the question Did you receive any personal services income?.
2. If you received personal service income, see Business and professional items P1 Part A and answer the remaining questions about your personal services income.
3. Complete the remaining fields and questions in this section. For further details see Business and professional items P2 to P7.

Having difficulty finding a Main business or professional activity description?

If you are, we recommend you take the following steps:

1. Enter your activity into the Business industry code search toolThis link opens in a new window
2. From the search tool results, click on the link for the most appropriate description for your activity.
3. From here, you will see a number and a description (for example 69320 Accounting Services). Enter this description at Main business or professional activity in myTax.
   1. There are a limited number of descriptions from the Business industry code search tool that are not listed in myTax. If this applies to you, use the list below to determine what you should choose to enter at Main business or professional activity in myTax.