PSI, FBT Employee Contribution, Interest, Cashflow Boost and JobKeeper Payments

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 · Accepted Answer

AriATO · Answer

1. There are a few steps involved with Attributing PSI. The process could change slightly depending on how many individuals generated the PSI. I recommend reading through the PSI guide (link below) to work it out. It provides you with detailed steps and what to include and exclude etc. PSI in general is payment for the skills, knowledge, expertise or efforts of those who performed the services. 2. If the company received JobKeeper in respect of an eligible business participant then it doesn't meet the description of what PSI is. The payment is to help the business and having an eligible business participant was just part of the criteria. There was no requirement to pass this on. 3. Cash Flow Boost also wasn't received as the result of the expertise of an individual. It's non-assessable, non-exempt and can be used however the company chooses. The following PSI guide is relevant for companies. It outlines the steps to work out if income is actually PSI. If you skip to page 40 you will find how to Attribute PSI. Hope that helps. Ari

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