14 May 13 Reporting of personal services income and business income
The ATO has advised agents that in May 2013 it will be writing to some taxpayers asking them to review their tax return for the 2011-12 income year to work out if the business income they have reported may, in full or in part, be classified as personal services income (PSI) and subject to the PSI rules.
If any clients have been selected for this mail out, the ATO will send their agent a letter in advance that will include:
- a list of all affected clients
- a copy of the letter.