Personal Services Income

What is Personal Services Income?

Apr 21, 2023

Personal Services Income, or PSI, is the income derived by an individual mainly as a result of their personal work or exertion, rather than the sale of goods or use of assets. The individual may operate as a sole trader, or through a trust, partnership, or company structure. You can receive PSI in almost any industry or profession, but it is commonly seen within the Professional Services sector (namely among accountants, lawyers, consultants and engineers, etc) and medical practitioners.