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Computation of enhanced deduction or allowance for qualifying persons for YA2016, YA2017 and YA2018, who meet qualifying conditions in YA2015 or YA2016

Income Tax (Productivity and Innovation Credit Plus Scheme) Regulations 2015

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—(1) This regulation applies to a qualifying person for the year of assessment 2016, 2017 or 2018, who meets the qualifying conditions in the year of assessment 2015 or 2016.(2) In computing the enhanced deduction or allowance under a PIC provision (except section 14DA(2) of the Act) for a qualifying person for qualifying expenditure incurred in the basis period for the year of assessment 2016, 2017 or 2018, the affected amount in the PIC provision is to be substituted with —(a)for the year of assessment 2016, a sum (X) that is the lower of the following:(i)the amount of the qualifying expenditure incurred in the basis period for the year of assessment 2016;(ii)$1,800,000;(b)for the year of assessment 2017, a sum (Y) that is the lower of the following:(i)the amount of the qualifying expenditure incurred in the basis period for the year of assessment 2017;(ii)the balance after deducting from $1,800,000 the sum X; and(c)for the year of assessment 2018, the lower of the following:(i)the amount of the qualifying expenditure incurred in the basis period for the year of assessment 2018;(ii)the balance after deducting from $1,800,000 the sum X and the sum Y.(3) If the qualifying person does not carry on any trade, profession or business in the basis period for any one year of assessment between the years of assessment 2016 and 2018 (both years inclusive), the references to “$1,800,000” in the sub-paragraphs of paragraph (2) that are applicable to the other 2 years of assessment are each to be substituted with “$1,200,000”.(4) If the qualifying person does not carry on any trade, profession or business in the basis periods for any 2 years of assessment between the years of assessment 2016 and 2018 (both years inclusive), the reference to “$1,800,000” in the sub-paragraph of paragraph (2) that is applicable to the remaining year of assessment is to be substituted with “$600,000”.(5) To avoid doubt —(a)if the qualifying person does not carry on any trade, profession or business in the basis period for the year of assessment 2016, no deduction is to be made under paragraph (2)(b)(ii) or (c)(ii) of the sum X; and(b)if the qualifying person does not carry on any trade, profession or business in the basis period for the year of assessment 2017, no deduction is to be made under paragraph (2)(c)(ii) of the sum Y.

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