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16 Aug 06 Entrepreneurs' tax offset - personal services income

Following Senior Tax Counsel's report in last week's TAXVINE - see 2006 TAXVINE No 30 (3) (11 August 2006) - the ATO has confirmed that individuals in direct receipt of personal services income (PSI), but who are not conducting a personal services business, may be eligible to enter the simplified tax system (STS) and claim the entrepreneurs’ tax offset (ETO), provided that they are carrying on a business in the income year. The ATO says that whether an individual is carrying on a business must be decided on the facts of each case.

For a copy of the ATO advice, go here

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