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Net PSI

Last updated 31 August 2006

Completing this item

To work out your net PSI go through the following steps:

Step 1, Add up the amounts shown at M, N, O and J item P1.

Step 2, Add up the amounts shown at K and L item P1.

Step 3, Subtract the amount calculated at Step 2 from the amount calculated at Step 1. Write your answer at A item P1.

Step 4, Transfer the amount at A item P1 to A item 13 on page 9 of your tax return (supplementary section).

If the amount is a loss, you must:

  • print L in the LOSS box at the right of A item P1
  • print L in the LOSS box at the right of A item 13 on your tax return (supplementary section).

Other business income

Did you have any business income other than PSI?

Yes

Go to item P2 Description of main business or professional activity

No

Read on.

Finishing your schedule

If the only income you need to show on your schedule is personal services income, you now only need to complete:

Check that you have…

  • written your tax file number and your full name on page 1 of your Business and professional items schedule for individuals 2005-06
  • transferred your net PSI amount from A item P1 to A item 13 on your tax return (supplementary section). If this amount is a loss, check that you printed L in the LOSS box at the right of A.
  • signed and dated your schedule and attached it to page 3 of your tax return
  • completed and attached your Individual PAYG payment summary schedule 2005-06 to page 3 of your tax return (if you received PSI that was subject to withholding).

QC18499