IRAS | Preparing and filing tax return (Form P1) (2024)

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.

1. Income Tax Return Form P1
2. Original audited/certifiedstatement 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.

Pleasefile the Year of Assessment 2024 tax return on-line viahttps://go.gov.sg/formp1ya2024(requires Corppass authentication *) or download the excel copy of the Form P1 and follow the instructions within the file to complete and submit the Form.

You should receive a physical letter by 15 Mar each year notifying you to file Form P1. If you do not receive it, you should still file the tax return on-line or by downloading and filing out the excel copy of the Form P1 for submission to IRAS by 15 Apr. From the Year of Assessment 2024, physical copy o f the Form P1 will no longer be issued.

* Please ensure that you are duly authorised for the "IRAS FormSG (Corppass)" digital service in Corppass.

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 theApplication Form(DOC, 73KB) to apply for waiver to submit Form P1.

As an administrative concession, bodies of persons do not need to file ECI.

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.

1. Unutilised capital allowancesfor a particular YA arise when thecapital allowancesclaimed in that YA cannot be fully utilised due to insufficiency of income or business losses incurred during that YA.
2. Unutilised trade lossesfor 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.
3. Unutilised donationsfor a particular YA arise when allowabledonationsmade 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:

4. Carry forward its unutilised capital allowances, trade losses and donations to set-off the income of future YAs; or
5. 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 theBasic 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 preceding YA.


See Also
A Guide To Preparing And Filing Tax Returns (Form P1)

Carry-forward of unutilised items

Subject to qualifying conditions, unutilised capital allowances and trade losses can be carried forwardindefinitelywhile unutilised donations can becarried 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.

Main features

Loss-carry back relief allows you to do the following:

1. Current year unutilised CAs and trade lossesare allowed (collectively referred to as “Qualifying Deductions” or “QD”) to be carried back for 1YA or 3 YAs (for YA 2020 and YA 2021enhanced carry-back relief) immediately preceding that YA in which the CAs are granted, or the trade losses incurred.
2. A maximum amount of$100,000of current year QD can be carried back.
3. 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).
4. The carry-back will be given on due claim.
5. For carrying back theQD under the enhanced carry-back relief, the carry-back shall be made in the following order:
   
   YA 2020
   

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).

YA 2021

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.

YA 2022

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.

6. 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.

For more details, please refer to e-Tax GuideEnhanced 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:

• For YA 2010 to YA 2019 BTC (FORM P1)(105KB)
• For YA 2020 onwards BTC (FORM P1)(152KB)

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 [emailprotected].