Journal article
Alienation of Personal Services Income (PSI) through a structure
Australian Business Law Review, Vol.30(4), pp.258-272
2002
Abstract
On 1 July 2000, the Federal Government introduced new personal services income (PSI) rules to attack schemes entered into by individuals to alienate their PSI through an interposed structure, for example, a company, partnership or trust. Individuals may avoid these new rules by self-assessing their scheme to come within the results test, the personal services business (PSB) tests or apply for a PSB determination from the Commissioner of Taxation. Even though their scheme may manage to survive the new PSI rules, it is not likely to survive Pt IVA of the Income Tax Assessment Act 1936 (Cth), which is designed to counter schemes that are entered into for the sole or dominant purpose of obtaining a tax benefit including income splitting. Consequently, individuals should concentrate on other estate planning techniques, where their personal services are likely to be rewarded.
Details
- Title
- Alienation of Personal Services Income (PSI) through a structure
- Authors
- Kelley Burton (Author) - Queensland University of Technology
- Publication details
- Australian Business Law Review, Vol.30(4), pp.258-272
- Publisher
- Lawbook Co.
- Date published
- 2002
- ISSN
- 0310-1053
- Copyright note
- Copyright © 2002 Lawbook Co. This article was first published by Thomson Reuters in the Australian Business Law Review. For all subscription inquiries please phone, from Australia: 1300 304 195, from Overseas: +61 2 8587 7980 or online at www.thomsonreuters.com.au/catalogue. The official PDF version of this article can also be purchased separately from Thomson Reuters.
- Organisation Unit
- University of the Sunshine Coast, Queensland; School of Law and Society; Sexual Violence Research and Prevention Unit; School of Law and Criminology - Legacy
- Language
- English
- Record Identifier
- 99449378102621
- Output Type
- Journal article
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