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Enhanced deduction or allowance under Productivity and Innovation Credit Plus Scheme

Income Tax Act 1947

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Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

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—(1) A person who —(a)during the basis period for the year of assessment 2015, 2016, 2017 or 2018, has incurred any expenditure mentioned in the first column of the following table;(b)is a qualifying person for that year of assessment within the meaning of the regulations made under subsection (3); and(c)has made an application in accordance with subsection (2),is entitled to an enhanced deduction or allowance under the provision in the second column (in the case of the year of assessment 2015) or the third column (in the case of any of the other years of assessment) of the table that corresponds to that expenditure, computed in accordance with the regulations made under subsection (3):First column Second column Third columnExpenditure Year of assessment 2015 Year of assessment 2016, 2017 or 20181.Qualifying intellectual property registration costs as defined in section 14A Section 14A(1B) Section 14A(1BA)2.Qualifying expenditure as defined in section 14D Section 14D(2) Section 14D(2)3.Qualifying training expenditure as defined in section 14O Section 14O(2) Section 14O(2A)4.Qualifying design expenditure as defined in section 14P Section 14P(2) Section 14P(2AA)5.Expenditure on the leasing of any PIC automation equipment, or procuring of cloud computing services as defined in section 14Q Section 14Q(2) Section 14Q(2A)6.Expenditure on the licensing from another of any qualifying intellectual property rights as defined in section 14T Section 14T(1) Section 14T(4)7.Capital expenditure on the provision of any PIC automation equipment (including any capital expenditure treated as capital expenditure incurred on the provision of PIC automation equipment under section 19A(16A)) Section 19A(2B) Section 19A(2BAA)8.Capital expenditure on acquiring any intellectual property rights Section 19B(1B) Section 19B(1BAA).(2) The application under subsection (1)(c) —(a)must be made to the Comptroller at the time of lodgment by the qualifying person of the return of income for that year of assessment or within such extended time as the Comptroller may allow; and(b)must be accompanied by such information and supporting document, given in such form and manner, as the Comptroller may specify.(3) The Minister may make regulations —(a)to define a qualifying person for each year of assessment for the purposes of subsection (1);(b)to provide for the computation of the amount of the enhanced deduction or allowance under that subsection; and(c)to make provisions generally for giving effect to or for carrying out the purposes of this section.(4) All regulations made under subsection (3) must be presented to Parliament as soon as possible after publication in the Gazette.(5) To avoid doubt, an enhanced deduction or allowance referred to in subsection (1) is a deduction or allowance under the applicable provision under the second or third column of the table in that subsection, and the provisions of section 14A, 14D, 14O, 14P, 14Q, 14T, 19A or 19B (whichever is applicable) apply to the deduction or allowance.(6) In this section, “person” means a company or firm (including a partnership).[37IC

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