YA 2021 Individual Carry-Back Relief Election

Key steps and distinctions

The form may be submitted after the business accounting period ends, with the YA 2021 return, or within 30 days of its Notice of Assessment. Qualifying unabsorbed capital allowances and trade losses of up to S$100,000 may be carried to the selected assessable-income years. The document distinguishes YA 2020 alone from the enhanced YAs 2018, 2019 and 2020. State actual or estimated deductions, separate capital allowances from losses and attach source details for multiple businesses. Estimated relief is revised against the actual YA 2021 filing. For capital allowances, confirm the same trade in the relevant preceding basis periods. The election is irrevocable. Businesses with revenue of S$500,000 or more supply revised preceding-year computations, plus finalised current-year accounts and computations when filing or after filing. Partners need the precedent partner’s supporting accounts and allocation; LLP and LP partners also need contributed-capital information. This form is for the named past YA, not a standing entitlement to three-year carry-back relief.