Determining the dates that expenditure is incurred for PIC cash payout purposes
PIC Cash Payout is disbursed only when the qualifying expenditure has been incurred by the business. An expense is incurred when the legal liability to pay has arisen, regardless of the date of actual payment.
You may wish to note that if your PIC-qualifying expenditure is incurred before 1 Aug 2016, the 60% cash payout rate will apply notwithstanding that your PIC cash payout application may be submitted on or after 1 Aug 2016.
To qualify for the 60% cash payout rate, all qualifying expenditure must be incurred before August 2016. For qualifying expenditure incurred from 1 August 2016, the cash payout conversion rate will be 40%.
Visit Determining the dates that expenditure is incurred for PIC cash payout purposes for more information.