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Have you earned income for your personal efforts or skills
Posted by Team AVS on 26 Mar, 2024 0 CommentsIs over half your income from a contract due to your personal efforts or skills, rather than earned from the use of assets, the sale of goods or from a business structure? If so, your income is classified as personal services income (PSI).
You can receive PSI in almost any industry, trade or profession. For example, as a financial professional, IT consultant, construction worker or medical practitioner.
Take David for example. He charges
Foreign resident capital gains withholding (FRCGW) of 12.5% applies for all property sales of $750,000 or more.
Foreign resident capital gains withholding (FRCGW) of 12.5% applies for all property sales of $750,000 or more. At a minimum, that is $93,750 being withheld from the sale and paid to the ATO, unless there is an approved variation.
The most common reasons why a seller may apply for a variation include:
making a capital loss
Foreign resident capital gains withholding (FRCGW) of 12.5% applies for all property sales of $750,000 or more. At a minimum, that is $93,750 being withheld from the sale and paid to the ATO, unless there is an approved variation.
The most common reasons why a seller may apply for a variation include:
making a capital loss
AVS BusinessServices @ What the