A form specific to YA 2021
This is a historical individual election for YA 2021, not an open-ended election for any future year. Submit after the business accounting period and before filing the YA 2021 return, when filing that return, or within thirty days of the YA 2021 assessment notice. The form estimates ten minutes to complete. Its footnote allows qualifying deductions up to S$100,000 against assessable income.
Personal particulars and actual selection options
Part 1 identifies taxpayer name and tax reference number. The fillable menus, not visible in a blank printed copy, choose estimated or actual allowances/losses, and either one preceding YA (2020) or up to three preceding YAs (2018, 2019 and 2020). The capital-allowance same-business declaration likewise selects YA 2020 or the three-year group. Those menu choices should not be omitted from a webpage explanation.
Source and separate amounts
Identify the trade, business, profession, vocation or partnership and its UEN where ACRA-registered. State unabsorbed capital allowances and unabsorbed trade losses separately. For multiple sources state totals and attach each source’s name, UEN and separate allowance/loss amounts. Estimated relief is revised based on the actual YA 2021 filing, rather than remaining fixed at an early estimate.
Documents before filing at the S$500,000 threshold
Part 3 applies to businesses with revenue of S$500,000 or more. Before filing, the one-year route requires the revised YA 2020 computation; the three-year route requires revised computations for YAs 2018, 2019 and 2020. These document sets track the selected route, not a request to send an unrelated year’s computation.
Documents during or after filing and partnership evidence
During or after filing, add finalised certified YA 2021 accounts and computation to the revised prior-year computation or computations. A partner must ensure the precedent partner submits certified accounts, tax computation and the partner’s share of allowances/losses; provisional versions are permitted if not yet finalised at election. For an LLP or LP also supply contributed capital at the end of the YA 2021 accounting period.
Same business, irrevocability and signatures
For capital allowances declare the same trade, business or profession in the relevant preceding basis period or periods. Accept that the election is irrevocable and certify accurate information, then sign and provide election date and phone. False or incorrect declarations are subject to statutory penalties. The thirty-day assessment window does not make this historical form applicable to a different current YA.
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 ↗