You need to keep records explaining all transactions that relate to your tax affairs, including personal services income (PSI). If more than one individual in your business is generating PSI, you need to keep records relating to each individual.
Records required for PSI
Information your records need to show |
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How long you need to keep PSI records
You need to keep your PSI records for five years, starting from when you prepared or obtained the records, or completed the transactions or acts those records relate to, whichever is later.
You should keep records long enough to cover the period of review (also known as the amendment period) for an assessment that uses information from the record.
Find out about:
ATO information for businesses about records you need to keep if you earn personal services income (PSI).