I run Yoga class once a week on ABN, does my Yoga inc/exp will classify under PSI or BSI?
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More information needed. Are you paid directly by your students or do you work for another entity that pays you? Who hires or owns the classroom? You or another entity that pays you?
PSB tests below
Work out if the PSI rules apply to you | Australian Taxation Office
Thanks for the response, Yes, I am paid directly by students, I have hired a community room, I pay the hire charges and have paid the insurance for public liability but not sure if I need to declare it under the Personal services income or Business service section?
Personal Services Business. Income is PSI. You would pass the results test or business premises and 80% rule. (One or the other). Enter income at Business section. See steps below
myTax 2025 Business and professional items | Australian Taxation Office
Don't forget eligibility for small business income tax offset
Small business income tax offset |
Appreciate your detailed response, will follow the steps
Under the Personal income section - Payment type (to declare the inc/exp), I came across four options - Foreign tax withholding/ labour hire/ No ABN quoted/ Other specified payments / Volunteer agreement? I run Yoga class and my individual student pay me fees so which one I choose? Secondly, do I put my name and my ABN under the Payer's name and Payer's ABN?
Hi @Sampara,
You'll likely not have to fill in those fields except Other. We will automatically transfer amounts if tax has been withheld. We have instructions for completing the personal services income section.
You will need to add up any other PSI (not included in the fields already) and enter it into Other. If no tax has been withheld, you'll likely enter the full PSI amount.
Enter any deductions you may be eligible for. Save and continue onto the next section.
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