Only had my PSH for a couple of weeks and put a small ding in it. 
It's only small but how big does it need to be to take on water? Do i just fill it with wax and keep on using it or do i need something more permanent? Any advice would be appreciated.
Thanks
Looks like it could do with a filling. If it goes through the outer layers into the foam definitely fix. Some of the epoxy putty's are good, Selley's kneadit or the one made by FCS will do the trick or even epoxy solarez. Avoid wax, I find water seems to sneak past it and stays wet behind it and is more messy to remove if you want to fix it properly.
Yeah what he said, get the stanley knife out and trim it back a bit and fill it, hope you haven`t put wax in it, Anchor clear spray gloss is your friend for ding repair finishes.
cheers
Take your new board to an expert.....it will look soooooo much better than a clumsy maybe ugly self-repair 
Though of course some amateurs probably do have that magic touch
Sell it and get a new board. It will always feel like your sleeping with second hand goods
Take it to a professional ding repair shop who specialise in epoxy repairs. All the water must be evacuated from it otherwise it will eventaully delaminate and to be safe have them install a breather if it all ready doesn't have one.
This is a great new product for temporary repairs, it only cost $5 and I keep it in my car, so if you get a ding you can come in push it on and paddle straight back out and it removes easily for a permeant repair.
Disclaimer I have nothing to do with these guys but I did get a few freebies when I was photographing their models.
www.boardbog.com.
It's only small but how big does it need to be to take on water? Do i just fill it with wax and keep on using it or do i need something more permanent? Any advice would be appreciated.
There is a new product on the market designed specifically to get you back in the water while your waiting to get your board fixed its called Board Bog.
you simply kneed it span the area damaged press the edges down and get back out there.
Then later you can peel it off with the sharp edge of a wax comb with minimal residue and have it fixed properly.
I wouldn't use any of those quick fix epoxy putty type products as they are pretty ugly and scar you board forever!
This Board bog is the way of the future and its only five bucks
The guys have a full store listing on the website www.boardbog.com
Good luck!
Just take it to Dale Chapman at West Burleigh or Dan McDonald in Currumbin to get it repaired and forget about the temporary stuff. With the painted rails you won't even see it once its fixed.
Will have to leave the eye patch at home next time!!
The Solarez Epoxy that I got is a bit suss! Ive used the other Solarez and it worked well on a board ding BUTT the epoxy stuff cured but the surface remained sticky. I wont use that again unless It finishes better. I will get some off this board bog for the just incase!
