How to file tax return (Form P1)
The president, honorary treasurer, secretary or any other member of the Management committee/Council is required to submit their Income Tax Return (Form P1) and original audited statement of accounts by 15 Apr each year.
- Income Tax Return Form P1
- Original audited/certified statement of account
The Management Committees/Councils are responsible for filing the income tax returns on time, and no reminders will be made to the bodies of persons.
Please submit the documents to:
The Comptroller of Income Tax
Compliance and Small Volume Taxes Branch
55 Newton Road, Revenue House
Alternatively, you may send a copy of the documents to [email protected]
You should receive a physical copy of Form P1 by 15 Mar each year. If you do not receive it, you may download the soft copy1 of the Form P1, or call +65 6351 3352/3511/3883 to obtain the form from the Comptroller of Income Tax.
1 Please ensure that you complete, print and submit the signed copy to the Comptroller of Income Tax.
Waiver for filing Form P1
If your club or trade association fulfils the following criteria, you can apply for a waiver from filing Form P1:
1. Dormant for the past 3 years or more and will not recommence activities within the next 2 years.
2. Has not and will not receive any Investment Income.
3. Has no intention of de-registering with the Registry of Societies.
Complete the Application Form (DOC, 73KB) to apply for waiver to submit Form P1.
Waiver of requirement to file Estimated Chargeable Income (ECI)
As an administrative concession, bodies of persons do not need to file ECI.
Unutilised items (capital allowances, trade losses & donations)
What are unutilised items (capital allowances, trade losses & donations)
If your body of persons is deemed to be trading in a particular Year of Assessment (YA), the body of persons may have capital allowances/ tax deductions/ donations that could not be fully utilised as there was insufficient income to set-off against. If your body of persons is not deemed to be trading in a particular YA, there would not be any capital allowances allowed in that YA. Any excess of expenses over income (losses) arising in that YA would also be disregarded.
- Unutilised capital allowances for a particular YA arise when the capital allowances claimed in that YA cannot be fully utilised due to insufficiency of income or business losses incurred during that YA.
- Unutilised trade losses for a particular YA arise when the body of persons has insufficient or no income from other sources to set-off business losses incurred during that YA.
- Unutilised donations for a particular YA arise when allowable donations made during the YA are more than the income for that YA.
Your body of persons with unutilised items (capital allowances, trade losses and donations) may:
- Carry forward its unutilised capital allowances, trade losses and donations to set-off the income of future YAs; or
- Carry back its current year unutilised capital allowances and trade losses to set-off income earned in the immediate preceding YA
You can refer to the Basic Tax Calculator to prepare your tax computation and Form P1 and to work out the amount of unutilised capital allowances, trade losses and donations you can carry forward to future YAs/ carry back to the immediate
Carry-forward of unutilised items
Subject to qualifying conditions, unutilised capital allowances and trade losses can be carried forward indefinitely while unutilised donations can be carried forward for up to 5 Years of Assessment (YAs) (for example, donations made in YA 2016 can be carried forward until YA 2021. Any balance of the donations not deducted by YA 2021 is disregarded).
Loss carry-back relief
Clubs, trade associations, management corporations and town councils may carry-back unutilised capital allowances (CAs) and trade losses to reduce the amount of taxes payable over a fixed period of time.
What is loss-carry back relief
To help small businesses cope with cash-flow problems especially in cyclical downturns, a one-year carry-back of current year unutilised CAs and trade losses was introduced from YA 2006.
Loss-carry back relief allows you to do the following:
- Current year unutilised CAs and trade losses are allowed (collectively referred to as “Qualifying Deductions” or “QD”) to be carried back for 1 YA or 3 YAs (for YA 2020 and YA 2021 enhanced carry-back relief) immediately preceding that YA in which the CAs are granted, or the trade losses incurred.
- A maximum amount of $100,000 of current year QD can be carried back.
- The current requirements for carrying forward QD will apply in the same way when these amounts are carried back (i.e., carry on the same trade or business).
- The carry-back will be given on due claim.
- For carrying back the QD under the enhanced carry-back relief, the carry-back shall be made in the following order:
- The excess of QD that are not carried back can be carried forward for deduction against the body of persons’ future taxable income, subject to the meeting of conditions.
a. Firstly, to the third YA immediately preceding YA 2020 (i.e. YA 2017).
b. Secondly, where there are QD remaining after (i), the balance will be carried back to the second YA immediately preceding YA 2020 (i.e. YA 2018).
c. Finally, where there are QD remaining after (ii) above, the balance will be carried back to the YA immediately preceding YA 2020 (i.e. YA 2019).
a. Firstly, to the third YA immediately preceding YA 2021 (i.e. YA 2018).
b. Secondly, where there are QD remaining after (i), the balance will be carried back to the second YA immediately preceding YA 2021 (i.e. YA 2019).
c. Finally, where there are QD remaining after (ii) above, the balance will be carried back to the YA immediately preceding YA 2021 (i.e. YA 2020).
d. The excess of QD that are not carried back can be carried forward for deduction against the body of persons’ future taxable income, subject to the meeting of conditions.
The enhanced carry-back relief is not applicable to YA 2022. The QD may be carried back to the immediate preceding YA (i.e. YA2021) only.
For more details, please refer to e-Tax Guide Enhanced Carry-back Relief System (PDF, 413KB).
Basic tax calculator
The Basic Tax Calculator (BTC) is designed to help you calculate the tax liability of your club/society/association.
You may download the applicable tax calculator:
Changing address or office bearer
If there are any changes to the address or key officer bearers (i.e. the president, treasurer, secretary), the office bearers or any other member of the Management Committee/Council may update the changes on Form P1 or write to [email protected]