PSI & PCG 2024/D2 Update

The ATO’s new guidance on Personal Services Income revealed! Practical Compliance Guideline PCG 2024/D2, clearly shows that Part IVA can still apply even if PSI rules don’t. Watch this video to unpack this guidance and its practical implications for your clients. We'll also work through case studies to identify low-risk vs high-risk scenarios. 00:00 Introduction 03:19 Purpose & Scope of PCG 2024/D2 07:08 When do PSI rules apply? 09:32 Exemptions 11:05 Preliminaries - Be sure income is PSI 13:01 Preliminaries - Any Part IVA risk? 25:22 Preliminaries - Asset protection 27:30 Low and high-risk features 35:12 Sample case studies from the PCG 50:46 Key takeaways: Record-keeping obligations 52:21 Key takeaways: PSI & PSB income 54:47 Key takeaways: Services provided by an associate 55:23 Key takeaways: Asset protection not sufficient defence 56:14 Q&A and Conclusion Date recorded: 15 Nov 2024