Same-year use and carry-forward
Ordinary trade losses and capital allowances can offset other income in the same year, with unutilised amounts carried forward. Capital allowances require the same business to continue when used; cessation does not impose that same condition on ordinary trade losses. Car-rental and private-car instruction businesses have a separate restriction to income from the same business, and balances are disregarded on cessation.
Carry-back and historical enhancements
Ordinary carry-back is to the immediately preceding YA, capped at S$100,000 in total; capital allowances retain the same-business test. File the election with the current return or within 30 days of the current individual assessment. Three-year enhanced carry-back described for YA 2020 and YA 2021 is historical and should not be applied automatically to current losses.
Official source
A concise, independent Apex Gateway guide based on the official English source, not a reproduction of the complete document. Consult the original for full conditions, exceptions and subsequent updates.
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