Individual Carry-Back Election: Capital Allowances and Trade Losses

Key steps and distinctions

Submit the election within 30 days of the current-year individual Notice of Assessment. State the taxpayer name and tax reference and identify the current YA. If electing before or with the return, provide the trade or partnership name, UEN where registered and the amount to carry back. Multiple trades require a consolidated amount and an attachment setting out each source. For capital allowances, the declaration confirms that the same trade or business was carried on in the preceding-year basis period. The election is irrevocable. Where business revenue is at least S$500,000, attach certified current-year accounts and the tax computation together with a revised preceding-year tax computation. A partner must ensure the precedent partner has submitted the certified accounts and computation showing that partner’s share of unabsorbed capital allowances or losses. Sign, date and provide contact details. This is the ordinary one-preceding-year form; it should not be confused with the separate enhanced-relief forms for YA 2020 or YA 2021.