Preserve the assessment-year limits
Qualifying current-year unabsorbed capital allowances and trade losses were capped at S$100,000 for each of YA 2020 and YA 2021. The enhanced election allowed use against up to three immediately preceding years: YA 2017–2019 for YA 2020, and YA 2018–2020 for YA 2021. The ordinary one-year alternative remained separate. This temporary enhancement is not a standing three-year carry-back rule for later loss years.
Estimated claims need reconciliation
The guide permitted an estimate after financial year-end and before filing the actual return to support cash flow. Final qualifying deductions still had to be established and satisfy the same-business and corporate shareholding tests where applicable. The annexes separately illustrate individuals and concessionary-rate companies. Keep the election, estimates, revised earlier-year computations and final tax schedules together; carry-back relief does not create a donation carry-back or waive eligibility tests.
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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