Hi guys, anyone claim PIC yet?
besides the obvious (computers), what else have you guys managed to buy so far?
besides the obvious (computers), what else have you guys managed to buy so far?
PIC Grant
- Thread starter Deunamist
- Start date
Hmm. I think the IRAS is taking a closer look at those claiming the cash payout.
As for the list of items you can claim for, there's a list in the IRAS' website. Will try to post here later when I get home.
I reckon traditional photography equipment wouldn't qualify... Computers and tablets should.
As for the list of items you can claim for, there's a list in the IRAS' website. Will try to post here later when I get home.
I reckon traditional photography equipment wouldn't qualify... Computers and tablets should.
http://www.iras.gov.sg/irasHome/upl... Automation Equipment List (as at 270911).pdf
For assets that are not on this list, you would have to apply to the IRAS. Items 1-5 would prob be more relevant to photogs.
What I said about the cash payout is that they will likely ask you for the receipts and how it has helped you to be more productive. Just a heads up in case you wanted to claim at will
fair bit of abuse of the PIC scheme since its introduction.
For assets that are not on this list, you would have to apply to the IRAS. Items 1-5 would prob be more relevant to photogs.
What I said about the cash payout is that they will likely ask you for the receipts and how it has helped you to be more productive. Just a heads up in case you wanted to claim at will
fair bit of abuse of the PIC scheme since its introduction.
Hahaha.. I went for the seminar on Monday.. besides the obvious requirements like you need to be a business/LLP/Pte Ltd, yes you cannot claim cameras and production equipment like cranes, tripods. Some dude asked but obviously they weren't buying it.
you also need to have at least 3 salaried employees (excluding owner/director/partner/shareholder), be it full or part time, which you are contributing CPF for. freelancers do not apply.
you also need to have at least 3 salaried employees (excluding owner/director/partner/shareholder), be it full or part time, which you are contributing CPF for. freelancers do not apply.
You actually can claim for photo equipment if your purpose of business is photography
And sole proprietors can also receive the PIC Grant.
Things not on the list can be claimed as long as you write in to explain why your purchase is necessary for improving productivity of your business.
You can write in first to verify if they will approve the claim before buying.
Hope this helps.
True, but SPs are still required to meet the '3-local-employees condition'.
When it states "excluding sole-proprietors and partners under contract for service", it just means that the owner of a SP will not be considered an 'employee' under this scheme.
Yes, you may write in, but the thing is you would have already made the investment and there's always the chance they may not approve it, so it's better to stick to the list unless you are willing to take the risk.. Haha
Actually I meant that you can write in and request for pre approval using the invoice. They will advise you on whether the intended purchase is claimable. Then you can decide on whether you wanna purchase. So it's quite safe. Long process. But safe bet.
So are you buying the stuff to improve your business or to claim PIC ? If it's not going to help your business at full price without PIC, it still won't help your business even if the govt gives you free money.
Hahhaa.. I don't. but thankfully they extended till 2018 so I have time to plan an expansion.
Can't claim cameras and production equipment, but your computers, HDD, CD/SD cards can.
Somehow their productivity definition is limited to computer related and accounting software
Weird huh. It may be a fairly narrow minded take towards what can be considered as helping to improve productivity!
I mean if I were shooting professionally with a 5D with no WiFi function, and now I upgrade to 6D with WiFi, it would clearly have been a case of me being more productive now. No?
Can't claim cameras and production equipment, but your computers, HDD, CD/SD cards can.
Somehow their productivity definition is limited to computer related and accounting software
Hi djarth, did you check with them?
Cos when I checked with them, they did say that if the equipment is related to the core function of the business, claims would be allowed.
DSLR for a photography company is related.
DSLR for a laundromat would be hard to justify.
Do help to clarify your comment. Since the PIC has been extended for a few more years, it'll be helpful to clear all misconceptions. For the benefit of all.
Weird huh. It may be a fairly narrow minded take towards what can be considered as helping to improve productivity!
I mean if I were shooting professionally with a 5D with no WiFi function, and now I upgrade to 6D with WiFi, it would clearly have been a case of me being more productive now. No?
http://www.iras.gov.sg/irasHome/page04.aspx?id=13844
If the equipment is a basic tool* used in the business,
(a) it has to increase productivity compared to existing equipment used in the business; or
(b) it has not been used in the business before.
Weird huh. It may be a fairly narrow minded take towards what can be considered as helping to improve productivity!
I mean if I were shooting professionally with a 5D with no WiFi function, and now I upgrade to 6D with WiFi, it would clearly have been a case of me being more productive now. No?
Hahaha.. This type you can try to write in.. from a productivity POV, it counts! however Norman is right to say it would be hard to justify if your core business is unrelated to the usage of a camera.
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