What is PIC Bonus?
The PIC bonus is given to the businesses that have invested in PIC qualifying activities. The bonus awards the businesses a dollar-for-dollar matching cash bonus for relevant Years of Assessment. It is subject to a total cap of $15,000 in all 3 YAs taken together. The PIC Bonus is liable to taxes. The bonus is given in addition to the existing 400% tax deductions or allowances and/or 60% PIC Cash Payout. In order to get the bonus, the business has to make a claim for the above mentioned deductions and/or cash payout.
Why do business owners need the PIC business?
The bonus ensures that the business can make significant improvements in the field of productivity and innovation, which will lead to the overall growth of the company. The PIC Bonus to be given out to a business is decided on the basis of the expenditure incurred on PIC-qualifying activities by the company.
Business owners who claim the bonus must know about the facts concerned with the PIC bonus:
If the business owners make effective use of the bonus then it will help the business to expand and compete with companies all around the globe, enhancing the economic condition of the country in which it is based.