From YA 2011 to YA 2018, all businesses will be eligible for the PIC on 6 qualifying activities.
For enhanced tax deductions, the expenditure cap of $400,000 per qualifying activity per YA can be combined across for YA 2016 to YA 2018 (i.e. $1.2 million per qualifying activity).
For PIC cash payout, from YA2016 to YA 2018, the expenditure cap of $100,000 per YA for all six qualifying activities cannot be combined across YA 2016 to YA 2018.
With effect from YA 2016, the three-local-employees condition has to be met for a consecutive period of at least three months prior to claiming the cash payout. Previously the three-local-employees condition applied to the last month of the basis period for the qualifying YA for yearly application or last month of the quarter or combined consecutive quarters for quarterly application.
There is a reduction of PIC cash pay-out conversion rate for qualifying expenditure incurred on or after 1 Aug 2016 from 60% to 40%.
The tax deferral option under the PIC scheme for YA 2011 to YA 2014 has lapsed by the end 2014 (YA2015).