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Personal service entities: do they still work? paper

Published on 04 Aug 05 by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE

The Personal Services Income (PSI) regime was introduced to deal with the alienation of personal services income in closely held entities. However, with any new regime there can be ways out of the mire. This paper considers the potential pitfalls that may still arise and the other related issues for closely held personal service entities...even if the PSI regime can be overcome. The main points discussed in depth are:

  • application of part IVA
  • overview of recent cases and other developments
  • audit activity by the ATO
  • useful guidelines and tips.

Author profile:

Paul LYON
As a Partner in the Taxation Consulting group at PKF Sydney, Paul provides tax consulting, planning, compliance and advisory services to a range of public and large private companies. He has considerable experience in advising a wide range of clients and in dealing with the relevant taxation legislation as it affects them. Paul regularly presents professional development seminars for the Institute of Chartered Accountants, CPAs and National Institute of Accountants on topics such as tax reform, restructuring, business sales, employee share schemes and updates on tax cases and tax rulings.
Current at 1 July 2005 Current at 25 September 2010 Click here to expand/collapse more articles by Paul LYON.
 

 

This was presented at Personal Service Entities: Do they still work? .

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August 2005 Tax Update

Author(s):  Alison STEVENSON

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