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Personal services income records

ATO information for businesses about records you need to keep if you earn personal services income (PSI).

Last updated 27 November 2019

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

PSI records information and examples

Information your records need to show

Examples of types of records

  • Whether the income is PSI
  • How you worked out if the PSI rules apply
  • Which expenses apply to any PSI received for each individual
  • The deductions you can claim against the PSI for each individual
  • Tax invoices
  • Time sheets submitted to the client or labour hire firm
  • Contracts with schedules
  • Diaries detailing what work was performed, when and for whom
  • Evidence of contract negotiations such as relevant letters or emails or both
  • Copies of leases or rental agreements or both
  • Bank statements and receipts
  • Vehicle log books


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.

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