Under the Productivity and Innovation Credit (PIC) scheme, businesses can benefit in the form of a 60% Cash Payout and/or a 400% Tax Deduction when they invest in qualifying activities. Maximum $60,000 cash payout per year.
Businesses will also receive an equal amount in PIC bonus for every dollar spent on qualifying activities, subject to the cap of $15,000 over the 3-year period from YAs 2013 to 2015
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Our Mobile App Platform and Email Marketing Automation Platform are SAAS (Software as a Service) IT Automation solution that are PIC Eligible. Training on these productivity tools are also PIC Eligible.
The tax benefits under PIC are available from Years of Assessment (YAs) 2011 to 2015, on investment in any of the six qualifying activities.
From YAs 2013 to 2015, your business may also enjoy a PIC Bonus, a dollar-for-dollar matching cash bonus given on top of the existing 400% tax deductions/ allowances and/or 60% cash payout.
Should you need further assistance on PIC Claims. We will provide recommendations to engage a PIC Consultant.
What is the criteria for the PIC Cash Payout?
How much payout do I get?