AYB205 Lecture Notes - Lecture 2: Personal Services
Document Summary
Briefly explain personal services income" (psi) and outline the effect that having income declared as psi will have on a person"s taxable income. Explain how during the early stages of operating a new business, excessive growth can cause serious financial difficulties. Risk management is a vitally important part of running a business some would argue that it is the most important part. Briefly outline the three (3) tests that establish the basic conditions needed for a small business to obtain a cgt concession (as per div 152 of the income tax assessment act 1997 (cth)).
