Where do I enter deductions against PSI?

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 · Accepted Answer

AnitaATO · Answer

Hey , You said you've added up your total expenses that you can deduct from your PSI. Have you written the amount at question P1 label L? Don't include amounts already recorded at question P1 - label K. Remember if you're registered for GST, you won't include any amounts that relate to input tax credits in your deductions. You can read more about completing this section (https://www.ato.gov.au/Forms/Business-and-professional-items-2023/?anchor=P1Personalservicesincome#Deductions:~:text=your%20losses.-,Completing%20this%20question,-Add%20up%20the)on your tax return on our website.

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