At Talent, we understand that tax season can feel overwhelming – especially for contractors. That’s why we’re sharing an informative video from the Australian Taxation Office (ATO) that explains how to include labour hire payments for personal services income when using myTax.

Check it out here:

Key things to consider

1. Understanding income types: It’s essential to determine whether your income is classified as personal services income or business income. Personal services income is typically a reward for your individual efforts or skills, which is relevant for those under a labour hire arrangement.
2. Entering expenses: Be sure to enter any expenses related to your personal services income. This ensures that your net income reflects your true earnings.
3. Double-check your entries: Before submitting your return, always verify that your income and expenses are accurately reported. This step can help you avoid mistakes and ensure compliance.

Watch the video

We encourage you to watch the video here for a step-by-step guide tailored to your situation. Understanding these processes will help you navigate myTax with confidence.