Business and Money Tips

* 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: 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 g overnment 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. PIC is given to all entities, including non-profit organizations like clubs and societies.  However, no

Unknown to many people, the PIC (Productivity and Innovation Credit) Scheme was tightened on 21 February 2014.  Effective from 2015 to 2017, all claiming businesses must have 3 CPF employees (excluding the directors and shareholders) every month , instead of only the qualifying month (i.e. March, June, September and December) as in the past. As for the popular PIC Bonus Scheme, it shall  expire for financial years ending in 2014 .  So if your company's financial year-end is on 31 March 2014, the last month for you to receive the PIC bonus is March 2014.  This is because although the PIC Scheme was extended till 2017, the PIC Bonus is not extended , thus it will end as planned in 2014. For those that are not familiar, the PIC Bonus is automatically given out to companies as long as their PIC claims exceed $5,000 in a year.  The PIC Bonus is given out in cash (not tax deduction) up to $15,000.  This PIC Bonus, unlike the PIC Cash Payouts, is taxable . Andy Ng wrote this arti