Do you earn PSI? While most people may think that it only applies to builders or tradies, the truth is that may also apply to any instance where individuals use their personal effort or skills. This includes professionals working in IT, finance or the medical sector. If you earn PSI during the income year, the deductions that can be claimed will be limited to the deductions that you could have claimed if you were an employee and the income earned was salary and wages. To avoid that outcome, individuals/PSEs can self-assess whether they conduct a Personal Services Business (PSB).
