The election and its deadline
This individual form elects to carry current-year unabsorbed capital allowances and trade losses back against assessable income of the immediately preceding year of assessment. It estimates up to ten minutes to complete and requires submission within thirty days of the current-year individual Notice of Assessment. The deadline starts from the assessment notice, not automatically from the tax-return filing date. The supplied form is undated and does not list every monetary or legislative eligibility condition.
Personal particulars and the elected year
Part 1 gives the taxpayer’s name and tax reference number. Part 2(a) specifies the current year of assessment and the election to deduct against the immediate prior year. Do not replace that destination with any chosen earlier year; this is not the separate enhanced multi-year election form.
Early election and multiple businesses
Complete Part 2(b) if electing before or at the time of filing the current-year return. Identify the trade, business, profession, vocation or partnership, its UEN where ACRA-registered, and the carry-back amount. For multiple sources, state the consolidated amount and attach a separate sheet with each source’s required particulars. A consolidated figure does not remove the need for the source breakdown.
Capital-allowance declaration and finality
For capital allowances, Part 2(c) declares that the same trade, business or profession was carried on in the basis period of the immediately preceding year. Part 2(d) accepts that the election is irrevocable. The same-trade sentence is specifically tied to capital allowances; the form should not be rewritten as permitting free reversal of a submitted election. Sign and provide election date and contact number.
Revenue of S$500,000 or more
For elections submitted before or with the return, a business with revenue of S$500,000 or more must also submit the revised prior-year tax computation and certified current-year accounts and tax computation. Part 3 has a corresponding checkbox for the finalised certified accounts and computations. The threshold includes exactly S$500,000 and is a document requirement, not a maximum carry-back amount.
Partnership evidence and enclosure checks
A partner carrying back the partnership share must ensure that the precedent partner has already submitted certified accounts and the computation showing the current-year share of allowances and losses. Tick the applicable Part 3 enclosures: the multi-source detail sheet and the accounts/computations for the revenue threshold. Check identity, assessment year, notice date, source schedule and signature together; this election form does not itself confirm IRAS has accepted a relief claim.
Official source
This article independently explains the substantive contents of the official PDF, including the relevant conditions, procedures and annexes. The linked document remains the authoritative source for its original wording, and later changes should be checked separately.
Read the official PDF ↗