YA 2020 Enhanced Carry-Back Relief for Individuals

Key steps and distinctions

Submit after the accounting period ends, with the YA 2020 return, or within 30 days of the YA 2020 Notice of Assessment. The form records actual or estimated unabsorbed capital allowances and trade losses separately, identifies the business and UEN, and requires a source breakdown for multiple businesses. Estimated relief is adjusted when the actual YA 2020 return is filed. Capital-allowance carry-back requires the declaration that the same trade continued in the relevant preceding basis periods. The signed election is irrevocable. A business with revenue of at least S$500,000 must provide revised computations for the preceding YAs; when applying during or after filing, finalised certified YA 2020 accounts and computations are also required. A partner must coordinate with the precedent partner on certified accounts, the tax computation and allocation of deductions. LLP and LP partners additionally need the contributed-capital amount at the year end. This is a historical enhanced-relief form, so its three-year window should not be presented as the ordinary current carry-back period.