Alienation of personal services income (PSI) through a structure
Burton, Kelley J. (2002) Alienation of personal services income (PSI) through a structure. Australian Business Law Review, 30(4), pp. 258-272.
On July 1, 2000, the Australian government introduced new personal services income (PSI) rules to attack schemes entered into by individuals to alienate their PSI through an interposed structure, for example, a company partnership or trust. Individuals may avoid these new rules by self-assessing their scheme to come within the results test, the personal services business (PSB) tests or apply for a PSB determination from the Commissioner of Taxation. Even though their scheme may manage to survive the new PSI rules, it is not likely to survive Pt IVA of the Income Tax Assessment Act 1936 (Cth), which is designed to counter schemes that are entered into for the sole or dominant purpose of obtaining a tax benefit including income splitting. Consequently, individuals should concentrate on other estate planning techniques, where their personal services are likely to be rewarded.
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|Item Type:||Journal Article|
|Divisions:||Current > QUT Faculties and Divisions > Faculty of Law|
Current > Schools > School of Law
|Copyright Owner:||Copyright 2002 Thomson Legal and Regulatory|
|Deposited On:||16 Mar 2009 09:19|
|Last Modified:||17 Sep 2010 11:32|
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