Skip to main content

What the Government May Not Tell You About the PIC

* Find out how to be a great manager in 4 weeks at here
Everybody knows that the PIC (Productivity and Innovation Credit) scheme is about the government handling out $60,000 cash every year (from 2012 to 2017) on your spendings on External Training, Internal Training, IT, Automation Equipment, Websites and Intellectual Property Rights.  However, the following are the 5 things that the government may not tell you about the PIC:
  1. The PIC Bonus scheme, which is expiring in 2014, is given to you automatically without you applying.  What they may not tell you is that if your financial year-end is in 30 June, then your PIC Bonus has already expired on 30 June 2014.  Note that once expired, the PIC Bonus will not be renewed.  The government will not send out reminders and companies can only blame themselves if they realized that they have not receive the full $15,000 PIC Bonus.
  2. PIC is given to all entities, including non-profit organizations like clubs and societies.  However, non-profit entities do not get cash payout, they only receive additional 300% tax deductions on their PIC spendings.  Since most of such organizations do not pay tax, having 300% tax deduction on PIC spendings is irrelevant.  In short, non-profit entities will benefit much less from PIC scheme.  But they are still able to get the $15,000 PIC Cash Bonus as long as their PIC claims exceeds $5,000 in a year.
  3. On the PIC Cash Payout Form, the government says that 'this form and the annex may take you 10 minutes to complete'.  What they do not tell us is that you have to take anything from 10 minutes to days to extract the PIC spendings from your accounting records.  In short, it's rare to complete the form in 10 minutes!
  4. Partial Claims.  It is not clear that you can do partial claims, and if you miss out some items in your last year's claim, can you still claim them now?  Well, the answer from the IRAS office is 'Yes, as long as there is no duplicate claim and it is a genuine claime'.
  5. How the PIC Spending is allocated.  Yes, the limit for cash payout is $100,000 yearly, but there is no requirement on how this $100,000 is made up of.  For example, can you claim the entire amount on just one type of expenditure?   It appears that this is one flexibility the government is giving us on PIC claims: there is no pre-set limit for any type of PIC expenditure.
By Andy Ng, Chief Trainer at Asia Trainers, details of training are at here http://asiatrainers.com/SeminarsList.php.  Related articles:
  1. Using War Strategies in Your Office
  2. The 21 Ways to sell at higher price and still get the sale
  3. Top 11 Mis-understandings about PIC and how they affect You
  4. Costly Mistakes in Making PIC Claims 
  5. How to Get PIC $36,000 Cash without spending a single cent
  6. How the Tightening of PIC and Expiry of PIC Bonus Affect You NOW
  7. Top 7 Changes to PIC that You're Supposed to Know
  8. Why Employees Don't Get a Single Cent from PIC
  9. How Tharman Kill with a Borrowed Knife with PIC
  10. How to Create the Conditions for Your People to Surprise You
  11. The Biggest Payment in this PAP World
Labels:

Comments

Post a Comment

Popular posts from this blog

If Not You, Who Else?

I learnt this very powerful 5-word phrase from Singapore's highest ever box-office movie ever: "Ah Boys to Men II". In one scene, the recruits were about to start their 3-day field camp.  Their Officer-in-Command asked them, "Before we moved out, anybody not feeling well?"  All the soldiers replied loudly, "No Sir!!!" "Gentlemen", continued the Officer, "Every time the training gets tougher, one thought comes to your mind, 'Why Must I Serve National Service?' "My answer to you is, 'If Not You, Then Who Else?'" Wow!  What a powerful phrase!  If Not You, Who Else may mean: You are the most suitable person, and we can't find anyone better than you.  This is appreciation at the highest level How can you push this responsibility to someone else? I am making a request to you specifically, please don't reject my request Can you find me another person more suitable than you? Please refer me anot...
Post a Comment
Read more

No More Panting Since Changing My Mobile Number: Mobile Numergology Power

1 comment
Read more

Kindness as a Way of Life: How Kindness can Reward You 6 Times Over

Kindness as a Way of Life by Andy Ng Kindness is a universal language that transcends cultural boundaries, enriches human connections, and has the power to transform lives. It goes beyond mere acts of charity or random good deeds. To me, kindness, when practiced as a way of life, becomes a profound philosophy that can shape our interactions with others, the world around us, and even our own well-being. In this article, we will explore the multifaceted aspects of kindness as a way of life, touching on non-violent communication, the limitations of traditional charity, the potential harms of helping, the deliberate cultivation of kindness, and the incredible rewards it brings. 1.       Non-Violent Communication Non-violent communication (NVC) is a key component of practicing kindness as a way of life. Developed by Marshall B. Rosenberg, NVC emphasizes empathetic communication that seeks to understand and connect with others on a deeper level. It encourages ...
1 comment
Read more