What is PSI is a common question for a sole trader, independent contractor, or consultant who earns income mainly from their personal effort, personal skills, or personal services. Personal Services Income (PSI) is income produced mainly, meaning more than 50%, from your personal efforts or skills, rather than from selling goods, using an income producing…
Day: May 28, 2026
What Is Professional Indemnity Insurance and How Should It Be Recorded in Your Books?
What Is Professional Indemnity Insurance and How Should It Be Recorded in Your Books? Professional indemnity insurance is insurance cover that helps protect a business if a client claims they suffered financial loss because of a mistake, negligence, omission, breach, or advice provided through a professional service. For many businesses in Australia, the challenge is…
