Income derived from a deceased person's assets (estate income) or assets held in trust (trust income) must be declared in the Income Tax Return (Form T).
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What you need to know
Estate income is income from a deceased person's assets derived from the day after their death until the estate administration period ends.
Trust income arises from assets held in trust by trustees under private trust deeds, wills of deceased persons, or intestate estates (when someone dies without a will).
You must file Form T to declare this income.
Who must declare
You must declare estate/ trust income if you are:
- An estate administrator or executor managing a deceased person's assets; or
- A trustee managing trust assets.
Types of estate/ trust income to declare
- Joint tenancy: When 1 owner passes on, his share of ownership passes to the surviving owner(s). Surviving owners must declare 100% of rental income in their personal tax returns. The rental income earned after the owner’s death is not considered estate income.
- Tenancy-in-common: Declare the deceased's share of income in the estate income tax returns.
- Interest from bank or finance company
- Dividends from shares declared after death (excluding exempt or one-tier dividends)
- Income distributions from Unit Trusts or Real Estate Investment Trusts (REITs)
Note: For joint bank accounts, when 1 owner passes on, the balances in the account will go to the surviving joint account holder(s). Any interest earned after the account holder's death is not considered estate income.
- Profit from sole-proprietorship business
- Share of profit from partnership
- Profit from trade or business carried on by trustee or appointed representative of trust
Note: Tax at trustee level is final for trade or business income.
- Director's fee and non-contractual bonuses declared after death
- Gains from share options exercised after death
- Royalties
- Foreign-sourced income remitted into Singapore
- Other gains or profits of an income nature.
How to declare estate/ trust income
- Gather all income records from the estate/ trust assets.
- Complete Form T (Income Tax Return).
- Submit the form by the filing deadline of 15 Apr each year.