I have not been paid via PAYG or through an employer for the past year. I am self-employed and work under my own ABN. I invoice my client monthly and receive payment without tax deductions. I heard from friends that this type of income is not ready for tax return this year, but for the next. I have been invoicing for my services since January 2023. Is this considered PSI?
Hi @yoghurt1004
Thank you for reaching out to us, it’s lucky you did. On this occasion your friends have given you incorrect advice.
Any income you earn under an ABN even if it’s only one dollar you need to lodge a tax return and report the income in the financial year you have earned it. Australian financial years run from 1 July to 30 June.
The income you earned from January 2023 should be reported in the 1 July 2022 to 30 June 2023 tax return.
PSI is income you earn mainly for your skills and expertise. Have a look at our Income that is PSI page for more information on what is PSI and to work out if the PSI rules apply to you.
Hi @yoghurt1004
Thank you for reaching out to us, it’s lucky you did. On this occasion your friends have given you incorrect advice.
Any income you earn under an ABN even if it’s only one dollar you need to lodge a tax return and report the income in the financial year you have earned it. Australian financial years run from 1 July to 30 June.
The income you earned from January 2023 should be reported in the 1 July 2022 to 30 June 2023 tax return.
PSI is income you earn mainly for your skills and expertise. Have a look at our Income that is PSI page for more information on what is PSI and to work out if the PSI rules apply to you.
15 Apr 2026 · 8 min read time
6 Feb 2026 · 4 min read time
15 Apr 2026 · 4 min read time
240 views
1 replies