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walker_(Enthusiast)Enthusiast
1 July 2021

Hello,

I'm a sole trader, my income is classified as professional services income. I have some questions about PSI and foreign income.

1. I received income from a foreign organisation. It was paid directly into my bank account in AUD. Does this get declared in foreign income and personal services income (PSI)? Or just PSI?

2. Do I declare income for the financial year it hits my bank account, or the financial year the work was completed? ie. for work done in June 2021 but paid in July 2022.

Thanks for any advice.

1,085 views
1 replies
1,085 views
1 replies

Most helpful response

Most helpful reply

JasonT(Community Support)Community Support
2 July 2021

Hi @walker_,

1. Declare the income in myTax 2021 only at Other foreign source income

2. This depends on if you account for your assessable income on a cash basis or accruals basis (not to be confused with the GST accounting methods, cash and non-cash)

    • Cash basis
    • Accruals basis

    All replies

    Most helpful reply

    JasonT(Community Support)Community Support
    2 July 2021

    Hi @walker_,

    1. Declare the income in myTax 2021 only at Other foreign source income

    2. This depends on if you account for your assessable income on a cash basis or accruals basis (not to be confused with the GST accounting methods, cash and non-cash)

      • Cash basis
      • Accruals basis

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