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Swiss Post Solution Ltd has signed with i-Admin for payroll services, ePayroll, an online payroll software service for in-house payroll processing. In addition, Swiss Post Solution has also subscribed to i-Admin's eHR suite services, which encompasses eLeave, eClaim & eTimesheet modules. Software as a Service applications are becoming increasingly popular among small medium enterprises. ePayroll reduce the time and cost of payroll processing, with its quick and easy to use payroll software to allow Swiss Post Solution to process payroll at anytime. i-Admin's ePayroll software is tailored to small business clients throughout Asia region who have less than 50 employees in a single entity. This solution is currently only available to customers in Singapore, Hong Kong, China, Malaysia, and Thailand.

eHR suite offers unified sets for HR functions, including leave administration, claims administration and timesheet administration. A cloud-based solution, the system is accessible 24/7 on devices with internet connectivity, giving it a global reach for Swiss Post Solution. i-Admin has been serving its clients for over thirteen years in the Asia-Pacific region, combining process excellence and strengths in technology to enable a simple and efficient monthly payroll process to each of its clients.

  About Swiss Post Solutions

Swiss Post Solutions, a division of Swiss Post, offers a comprehensive range of business process management services. With some 6000 people working for us across Europe, North America, the Middle East and Asia, and with access to an extensive partner network, they are able to support their clients across the globe.

www.swisspostsolutions.com

About i-Admin i-Admin is Asia's premier HR Business Process Outsourcing (HR BPO) company. Founded in 1999, i-Admin is now established in Singapore, Hong Kong, China, Thailand, Malaysia, Taiwan, India and Korea. i-Admin harness dedicated people, leverage advanced technology and execute superior processes as we deliver your payroll and HR outsourcing solutions. i-Admin's ever-expanding Asian footprint makes us a key player in any organization's multi-country payroll strategy.

PIC

Enjoy cost savings from PIC when you use i-Admin’s Payroll Software and/or Human Resource Information System (HRIS)!

PIC was introduced in the 2010 Singapore Budget to encourage businesses, especially Small and Medium Enterprises (SMEs), to invest in productivity and innovation activities, as well as to help them defray rising operating costs such as rentals and wages. This scheme offers companies a 400% tax deduction or up to 60% cash payout when they invest in six categories of activities.

One of the key activities is the acquisition and leasing of PIC Information Technology (IT) and Automation Equipment . IT software including human resource and payroll management falls in this category.

The PIC process is fairly straightforward, as shown in the worked examples below. It does not require an ocean of paperwork as feared by many. In fact, there is no need to produce additional supporting documents.

  Worked Examples

* Cash payout option 

YOU can apply to convert up to S$200,000 of your combined investment spending in Years of Assessment (YAs) 2011 to 2012 into a non-taxable payout at a conversion rate of 30%. In YAs 2013 to 2015, the conversion rate will be raised to 60% and the expenditure cap for all qualifying activities will be S$100,000 per year.

For example, your chargeable income for year 2012 is S$12,000 and you spent S$2,000 on staff training.

As your income is below the taxable threshold, you should apply for a cash payout of S$600, which is 30% of the S$2,000 investment.

You will receive the cash within three months from the time you apply for the option.

How to apply

Send the PIC Cash Payout Application Form to the Inland Revenue Authority of Singapore (IRAS) any time before the filing due date of the income tax return.

* Tax deduction option 

YOU can enjoy a 400% tax deduction or allowances on up to S$800,000 of your spending in Years of Assessment (YAs) 2011 to 2012 in each of the six qualifying activities of the PIC scheme. In YAs 2013 to 2015, the expenditure cap per qualifying activity will be S$1,200,000 combined.

For example, you spent S$80,000 on computers and your chargeable income for the year 2012 was S$380,000. You could claim a tax deduction of 400% on that S$80,000, which will reduce your chargeable income to S$60,000.

How to apply

To claim a tax deduction, include the claim amount in 'Allowable Business Expenses' of the four-line statement when you file your income tax return for Year of Assessment (YA)22012.

Sole-proprietors and partnerships also have to submit the PIC Enhanced Allowances/Deductions Declaration Form for Sole-proprietors & Partnerships  in addition to their income tax returns.

Find out more from www.i-admin.com

With effect from 1st November 2013, the minimum level of relevant income for Mandatory Provident Fund (MPF) Contributions has been raised to HK$7,100 from HK$6,500 per month, or from HK$78,000 to HK$85,200 per year.

This amendment was passed by the Legislative Council on 17th July 2013. The new minimum level of relevant income will apply to contribution periods commencing on or after 1st November 2013.

Find out more from www.i-admin.com

BESTQ Pte Ltd has signed with i-Admin for cloud-based ePayroll software for in-house payroll processing. BESTQ Pte Ltd is a newly setup company in Singapore.

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