{"text_format":"1","workbook":"xlsx","n_sheets":15,"sheets":["Content","Introduction","Using the Basic Tax Calculator","Company's Particulars","Tax Computation","Rental Income Schedule","Interest Adjustment Schedule","Medical Expense Schedule","R&R Cost Schedule","Capital Allowance - New","Capital Allowance - HP","CA (assets acquired under PIC)","Capital Allowance (CA)","Capital Allowance Summary","Notes"],"not_rendered":{"charts":0,"images":0,"macros":1,"external_links":0,"defined_names":267,"comments":10,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Content","index":0,"n_rows":23,"n_cols":4,"rows_kept":23,"cut":false,"hidden":false,"merged":[[0,1,0,9],[7,1,7,10],[8,1,8,10],[9,1,9,10],[10,1,10,10],[11,1,11,10],[22,1,22,10],[16,2,16,10],[20,3,20,10],[19,3,19,10],[15,2,15,10],[21,3,21,10],[18,3,18,10],[17,3,17,10],[12,2,12,10],[13,2,13,10],[14,2,14,10]]}
[]
[]
[]
[]
[]
[]
[null,"List of Contents"]
[null,"Introduction"]
[null,"Using the Basic Tax Calculator"]
[null,"Company's Particulars"]
[null,"Tax Computation"]
[null,"Supporting Schedules"]
[null,null,"Rental Income"]
[null,null,"Interest Adjustment"]
[null,null,"Medical Expense"]
[null,null,"Renovation & Refurbishment Works (R&R Cost)"]
[null,null,"Capital Allowance"]
[null,null,null,"- Capital Allowance for New Assets"]
[null,null,null,"- Capital Allowance for New Assets under Hire Purchase (HP)"]
[null,null,null,"- Capital Allowance (assets acquired under the PIC Scheme)"]
[null,null,null,"- Capital Allowance (CA)"]
[null,null,null,"- Capital Allowance Summary"]
[null,"Explanatory Notes"]

{"sheet":"Introduction","index":1,"n_rows":24,"n_cols":3,"rows_kept":24,"cut":false,"hidden":false,"merged":[[0,1,0,9],[6,1,6,10],[18,1,18,10],[23,1,23,10],[11,1,11,10],[12,2,12,9],[8,1,8,10]]}
[]
[]
[]
[]
[]
[]
[null,"This Basic Tax Calculator (BTC) is for trading companies filing Form C for Year of Assessment (YA) 2024. "]
[]
[null,"The BTC is to help trading companies prepare their tax computations for YA 2024.  It comes with a main tax computation and commonly used supporting schedules (rental income, interest adjustment, medical expense restriction, renovation and refurbishment expenses and capital allowances schedules)."]
[]
[null,"Do not use the BTC if"]
[null,"a) you are an investment holding company.  Please click the following link for the template \n     of an investment holding company: "]
[null,null,"Basic Format of Tax Computation for An Investment Holding Company"]
[null,"b) you are claiming industrial building allowance (IBA) / land intensification allowance (LIA);"]
[null,"c) you are claiming group relief or investment allowance;"]
[null,"d) you have income taxable at concessionary tax rates; or"]
[null,"e) your accounts are prepared in a functional currency other than Singapore dollars."]
[]
[null,"Before you start, click the READ ME! button below for some quick tips."]
[]
[]
[]
[null,"Disclaimer: "]
[null,"The calculator is correct as of 1 July 2024.  Visit the IRAS website at www.iras.gov.sg for the latest version.  The calculator provides only estimates based on the stated assumptions and your inputs.  It may not provide for all possible scenarios."]

{"sheet":"Using the Basic Tax Calculator","index":2,"n_rows":31,"n_cols":7,"rows_kept":31,"cut":false,"hidden":false,"merged":[[26,6,26,9],[17,5,18,8],[21,5,22,9],[25,5,25,9],[9,2,9,9]]}
[]
[]
[]
[]
[]
[null,"1.  Get ready the company's financial statements and other necessary information (e.g. "]
[null,"     detailed profit and loss statement, prior year's tax computation, supporting schedules and"]
[null,"     the Notice of Assessment for the relevant YAs) before you start."]
[null,"2.  Enter the company's name and tax reference number in the \"Company's  Particulars\" Tab."]
[null,null,"(Click here to enter the company's name and tax reference number)"]
[null,"3.  Enter data (where necessary) in the yellow boxes."]
[null,"4.  A red asterisk (*) means it is compulsory to enter data in these yellow boxes."]
[null,"5.  Click on ",null,null,"to get more information on a particular item."]
[null,"6.  Using the navigation buttons:"]
[]
[null,"Navigation button",null,null,null,"Description of button"]
[]
[null,null,null,null,null,"Click this button to go to a specified location."]
[]
[]
[]
[null,null,null,null,null,"Click this button to trim, preview & print the current page."]
[]
[]
[]
[null,null,null,null,null,"Click this button to preview & print all schedules. \n                                                                                                                                          "]
[null,null,null,null,null,"Note:","(1) Tax computation and all other supporting schedules will be trimmed."]
[null,null,null,null,null,null,"(2) Preview of each schedule will take a few seconds. "]
[]
[]
[null,"To start using the tax calculator, click the START button now."]

{"sheet":"Company's Particulars","index":3,"n_rows":20,"n_cols":5,"rows_kept":20,"cut":false,"hidden":false,"merged":[[3,4,3,8],[5,4,5,5],[1,1,1,8]]}
[]
[null,"COMPANY'S PARTICULARS"]
[]
[null,null,"Name of Company*"]
[]
[null,null,"Tax Reference No.*"]
[]
[null,null,"Year of Assessment",null,2024]
[]
[null,null,"If the company is claiming tax exemption for new start-up companies, please select its"]
[null,null,"1st Year of Assessment upon incorporation"]
[null,null,"(If the company is not claiming tax exemption for start-ups, leave the yellow box empty.)"]
[]
[]
[]
[]
[]
[]
[]
[null,null,"* Compulsory field to complete."]

{"sheet":"Tax Computation","index":4,"n_rows":190,"n_cols":10,"rows_kept":190,"cut":false,"hidden":false,"merged":[[0,1,0,5],[2,1,2,2],[3,1,3,2],[4,1,4,2],[93,9,94,9]]}
[null,"TAX COMPUTATION FOR TRADING COMPANY"]
[]
[null,"Name of Company:",null,{"$f":"IF('Company''s Particulars'!E4=\"\",\"\",'Company''s Particulars'!E4)","v":""}]
[null,"Tax Reference No.:",null,{"$f":"IF('Company''s Particulars'!E6=\"\",\"\",'Company''s Particulars'!E6)","v":""}]
[null,"Year of Assessment:",null,{"$f":"IF('Company''s Particulars'!E8=\"\",\"\",'Company''s Particulars'!E8)","v":2024}]
[]
[null,null,null,null,"S$","S$","Note","Remarks for Formulae","User Guide","Items to be entered in Form C (relevant line no. in Form C)"]
[null,null,null,"Net Profit / (Loss) before Tax as per Financial Statements",null,null,null,null,"For \"Net Accounting Loss\", please enter minus sign (-) in front of the loss figure.  E.g. if net accounting loss is $690, enter -690.",43]
[]
[null,null,null,"Less: Income from Separate Source / Non-Taxable Income"]
[null,null,null,"Dividend "]
[null,null,null,"Interest "]
[null,null,null,"Rental "]
[null,null,null,"Gain on disposal of fixed assets",{"$f":"IF('CA (assets acquired under PIC)'!$K$38=\"\",\"\",IF('CA (assets acquired under PIC)'!$K$38>0,'CA (assets acquired under PIC)'!$K$38,\"\"))","v":""}]
[null,null,null,"Foreign exchange gain on non-trade or capital transactions"]
[null,null,null,"Foreign-sourced income exemption (FSIE)"]
[null,null,null,"Others (please specify):"]
[]
[]
[]
[null,null,null,null,null,null,null,"sum B10:B11"]
[null,null,null,null,null,{"$f":"SUM(E11:E21)","v":0}]
[null,null,null,null,null,{"$f":"F8-F22","v":0}]
[null,null,null,"Add: Disallowable Expenses"]
[null,null,null,"Depreciation"]
[null,null,null,"Loss on disposal of fixed assets ",{"$f":"IF('CA (assets acquired under PIC)'!$K$38=\"\",\"\",IF('CA (assets acquired under PIC)'!$K$38<0,-'CA (assets acquired under PIC)'!$K$38,\"\"))","v":""}]
[null,null,null,"Medical expenses  ",{"$f":"IF(Medical_Disallowed = 0,\"\",IF(Medical_Disallowed<0,-Medical_Disallowed,0))","v":""},null,null,null,"See General Note 7 of Explanatory Notes on Form C 2006."]
[null,null,null,"(Click here to enter details and calculate any disallowable medical expense)"]
[null,null,null,"Motor vehicle expenses applicable to S-plate cars"]
[null,null,null,"Penalties and fines"]
[null,null,null,"Amortisation"]
[null,null,null,"Bad debts (non-trade)"]
[null,null,null,"Club membership - entrance fees"]
[null,null,null,"Donation"]
[null,null,null,"Expenses incurred in earning rental income"]
[null,null,null,"Fixed assets written off",null,null,null,"to fetch data from Rental Inc Sch C23"]
[null,null,null,"Foreign exchange loss on non-trade or capital transactions"]
[null,null,null,"Goodwill payment"]
[null,null,null,"Income tax"]
[null,null,null,"Installation of equipment or assets"]
[null,null,null,"Interest adjustment",{"$f":"IF(IntAdj=0,\"\",IF(IntAdj<0,0,IntAdj))","v":""},null,null,null,"Please enter the details in the \"Interest Adjustment Schedule\" to compute the interest adjustment."]
[null,null,null,"(Click here to enter details and calculate the interest adjustment)"]
[null,null,null,"Legal or professional fees relating to loan arrangement / increase in share capital "]
[null,null,null,"Motor vehicle expenses applicable to Q-plate cars with COE registered on or after 01.04.1998"]
[null,null,null,"Impairment for credit-impaired financial instruments"]
[null,null,null,"Provision for obsolete stocks (general)",null,null,null,"C24 = \"Int Adj\" F33, returns \"0\" if no int adj needed"]
[null,null,null,"Expenses converted into cash payout under Enterprise Innovation Scheme (EIS)"]
[null,null,null,"Others (please specify):",null,null,null,null,"Generally, an expense will not be deductible if it is prohibited under the Income Tax Act, capital in nature or a contingent liability."]
[]
[]
[]
[null,null,null,null,null,{"$f":"SUM(E25:E52)","v":0},null,"sum B20:B31"]
[null,null,null,null,null,{"$f":"+F23+F52","v":0}]
[null,null,null,"Less: Deduction for Renovation & Refurbishment Works under Section 14N",null,{"$f":"IF(RR_S14Q<0,0,RR_S14Q)","v":0}]
[null,null,null,"(Click here to enter details of R&R claim)",null,{"$f":"+F53-F54","v":0}]
[]
[null,null,null,"Less: Enhanced Deductions under Enterprise Innovation Scheme (EIS)"]
[null,null,null,"Training expenses"]
[null,null,null,"Innovation Projects Carried Out with Partner Institutions"]
[null,null,null,"Licensing of Intellectual Property Rights (IPRs)"]
[null,null,null,"Registration of Intellectual Property (IPs)"]
[null,null,null,"Qualifying Research and Development (R&D) undertaken in Singapore",null,{"$f":"SUM(E58:E62)","v":0}]
[null,null,null,null,null,{"$f":"+F55-F62","v":0}]
[]
[null,null,null,"Less: Further Deductions"]
[]
[null,null,null,"Adjusted Profit / (Loss) before Capital Allowances",null,{"$f":"+F63-TaxComp_FurtherDed","v":0}]
[]
[null,null,null,"(Click here to enter details of Capital Allowances claim)"]
[null,null,null,"Add: Balancing Charge (BC)",{"$f":"-(+'Capital Allowance Summary'!I19)","v":0}]
[null,null,null,"Less: Unutilised Capital Allowances brought forward",null,null,null,null,"Enter a positive figure (without minus sign)","18 (Normal Rate)"]
[null,null,null,"        Current Year Capital Allowances",{"$f":"+'Capital Allowance Summary'!I11","v":0},null,null,null,null,19]
[null,null,null,"        Balancing Allowance (BA)",{"$f":"+'Capital Allowance Summary'!I15","v":0},{"$f":"-(-E70+SUM(E71:E73))","v":0}]
[]
[null,null,null,"Adjusted Profit / (Loss) after Capital Allowances",null,{"$f":"F67-(-F73)","v":0},null,"C35 - C37"]
[]
[null,null,null,"Less: Unutilised Losses brought forward",null,null,null,null,"Enter a positive figure (without minus sign)","21 (Normal Rate)"]
[null,null,null,"Adjusted Profit / (Loss) after Capital Allowances and Unutilised Losses brought forward",null,{"$f":"F75-F77","v":0},null,"C38 -  C40",null,"1a"]
[]
[null,null,null,"Add: Other Income"]
[null,null,null,"Dividend - Foreign countries (Gross)",null,null,null,null,null,2]
[null,null,null,"Interest ",null,null,null,null,null,"1b"]
[null,null,null,"Net rental income",{"$f":"IF(Rent_Net<0,0,Rent_Net)","v":0},null,null,null,null,"1d"]
[null,null,null,"(Click here to enter details and calculate the net rental income)",null,null,null,"a) B70 = fetch data from  \"rental income sch\" C25 (if deficit, to fetch value \"0\")\nb) C70 = sum B67:B70"]
[null,null,null,"Others (please specify):"]
[]
[null,null,null,null,null,null,null,null,null,"1c, 1e, 1f or 2"]
[]
[]
[null,null,null,null,null,{"$f":"SUM(E81:E89)","v":0},null,"C44 + C50"]
[null,null,null,"Sub-total 1",null,{"$f":"F90+F78","v":0},null,null,null,3]
[]
[null,null,null,"Less: Unutilised Donations brought forward",null,null,null,null,null,"4a (Normal Rate)"]
[null,null,null,"        Donations to Approved Institutions of Public Character (Enter 2.5 times the",null,null,null,null,null,"4c"]
[null,null,null,"         donations made)"]
[null,null,null,null,null,{"$f":"SUM(E93:E94)","v":0}]
[null,null,null,"Sub-total 2",null,{"$f":"+F91-F96","v":0},null,null,"Enter a positive figure (without minus sign)"]
[]
[null,null,null,"Less: Current Year Capital Allowances carried back to preceding YA"]
[null,null,null,"Sub-total 3",null,{"$f":"IF(TaxComp_CarryBackCA>=0,(+F97+TaxComp_CarryBackCA),(+F97-TaxComp_CarryBackCA))","v":0},null,"C54 - C56"]
[null,null,null,null,null,null,null,null,null,"6a"]
[null,null,null,"Less: Current Year Losses carried back to preceding YA",null,0]
[null,null,null,"Sub-total 4",null,{"$f":"IF(F102>=0,(+F100+F102),(+F100-F102))","v":0},null,"C57 - C59"]
[]
[null,null,null,"Less: Capital Allowances/ Losses Claimed under the Loss Carry-Back Relief"]
[null,null,null,"Sub-total 5",null,{"$f":"+F103-F105","v":0}]
[]
[]
[null,null,null,"Chargeable Income (before Exempt Amount)",null,{"$f":"IF(F106>0,F106,0)","v":0},null,"If sub-total 6 is > 0, equal to sub-total 6. Otherwise, will show \"0\"",null,8]
[null,null,null,"Less: Exempt Amount ",null,{"$f":"IF('Company''s Particulars'!E11<>\"\",(IF(F109<=100000,ROUND((0.75*F109),0),(IF((75000+(0.5*(F109-100000)))>125000,125000,ROUND(75000+(0.5*(F109-100000)),0))))),(IF(F109<=10000,ROUND((F109*0.75),0),(IF((7500+(0.5*(F109-10000)))>102500,102500,ROUND(7500+(0.5*(F109-10000)),0))))))","v":0},null,"If \"Company's Info\" B10 is not blank, to compute full tax exemption (i.e. CI before exempt amt or $100,000, whichever is lower). \n\nOtherwise, apply partial tax exemption rules (1st $10,000, $7,500 exempt; next $90,000, $45,000 exempt; max exempt amount = $52,500)\nNormal rounding rules (>5, roundup, <=5, rounddown)"]
[null,null,null,"Chargeable Income (after Exempt Amount)",null,{"$f":"IF(ISERR(F109-(ROUND(F110,0))),0,(F109-(ROUND(F110,0))))","v":0}]
[]
[null,null,null,"Tax @ 17%",null,{"$f":"IF(ISERR((ROUND(F111,0)*0.17)),0,(ROUND(F111,0)*0.17))","v":0},null,"2 decimal places"]
[null,null,null,"Less: Foreign Tax Credit",null,null,null,null,null,12]
[null,null,null,null,null,{"$f":"IF(ISERR(F113-F114),0,(F113-F114))","v":0}]
[null,null,null,"Less: Corporate Income Tax (CIT) Rebate and CIT Rebate Cash Grant"]
[null,null,null,"50% CIT Rebate (capped at $40,000) ",{"$f":"IF((F115*50%)>40000,40000,(F115*50%))","v":0}]
[null,null,null,"Less: CIT Rebate Cash Grant"]
[null,null,null,"        a) Does the company meet the one local employee condition?"]
[null,null,null,"        b) Amount of CIT Rebate Cash Grant",{"$f":"IF(E119=\"Yes\",2000,0)","v":0},{"$f":"IF((E117-E120)<=0,0,(E117-E120))","v":0}]
[null,null,null,null,null,{"$f":"+F115-F120","v":0}]
[]
[null,null,null,"Less: Tax Deducted at Source",null,null,null,null,null,13]
[null,null,null,"Net Tax Payable / (Repayable)",null,{"$f":"+F121-F123","v":0}]
[null,null,null,"Less: Tax Previously Assessed"]
[null,null,null,"Additional Tax Payable / (Tax Discharged)",null,{"$f":"IF(ISERR(F124-F125),0,(F124-F125))","v":0}]
[]
[]
[null,null,null,"Summary of unutilised items carried forward (if any):"]
[]
[null,null,null,"Unutilised Capital Allowances c/f",null,{"$f":"IF(F67>=0,(IF((F67+F90-(-E70+E71+E72+E73))>=0,(0-F99),-E70+E71+E72+E73-F67-F90-F99)),(IF(F90>=(-E70+E71+E72+E73),(0-F99),-E70+E71+E72+E73-F90-F99)))","v":0},null,"For this summary box, to use formulae to extract necessary data from tax comp above.",null,"20 (Normal Rate)"]
[]
[null,null,null,"Unutilised Losses c/f",null,{"$f":"IF(F67+F90-(-E70+E71+E72+E73)-F77>=0,(0-F102),IF(F67>=0,IF(F67+F90-(-E70+E71+E72+E73)<0,F77,IF(F67+F90-(-E70+E71+E72+E73)-F77<0,F77-(F67+F90-(-E70)-E71-E72-E73),0)),IF(F90<=-E70+E71+E72+E73,ABS(F67)+F77-F102,IF(F90-(-E70+E71+E72+E73)-(ABS(F67)+F77)<0,(ABS(F67)+F77-F102)-(F90-(-E70+E71+E72+E73)),0))))","v":0},null,null,null,"22 (Normal Rate)"]
[]
[null,null,null,"Unutilised Donations c/f",null,{"$f":"IF(F97>=0,0,IF((F67+F90-(-E70+E71+E72+E73)-F77)>0,(E93+E94)-(F67+F90-(-E70+E71+E72+E73)-F77),E93+E94))","v":0},null,null,null,"23 (Normal Rate)"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,"Exempt Amt"]
[null,null,null,"IF('Company''s Info'!B10<>\"\",FE,PE)"]
[null,null,"FE","(IF(C65=0,IF(D80>100000,100000,D80),A))"]
[null,null,"X","(C65/(IF(D59<0,0,D59)+D68)*D80)"]
[null,null,"A","(IF(D80-X>100000,100000,D80-X))"]
[null,null,"PE","(IF(C65=0,B,C))"]
[null,null,"Y","((10000*0.75)+(0.5*(D80-10000)))"]
[null,null,"Z","(IF(Y>52500,52500,Y))"]
[null,null,"B","(IF(D80<=10000,D80*0.75,Z))"]
[null,null,"C","(D80-(C65/(IF(D59<0,0,D59)+D68)*D80))"]
[]
[null,null,null,"UCA"]
[null,null,null,"IF(D52>=0,S12,S34)"]
[null,null,"A","(D52+D68-(D54+D55))"]
[null,null,"S12","(IF(A>=0,(0-D74),D54+D55-D52-D68-D74))"]
[null,null,"B","(D54+D55)"]
[null,null,"S34","(IF(D68>=B,(0-D74),D54+D55-D68-D74))"]
[]
[null,null,null,"UL"]
[null,null,null,"IF(A-D58>=0,(0-D77),IF(D52>=0,S23,S45))"]
[null,null,"A","D52+D68-(D54+D55)"]
[null,null,"S23","IF(A<0,D58,IF(A-D58<0,B,0))"]
[null,null,"B","D58-(D52+D68-D54-D55)"]
[null,null,"S45","IF(D68<=D54+D55,ABS(D52)+D58-D77,C)"]
[null,null,"C","IF(D68-(D54+D55)-(ABS(D52)+D58)<0,D,0)"]
[null,null,"D","(ABS(D52)+D58-D77)-(D68-(D54+D55))"]
[]
[null,null,null,"UD"]
[null,null,null,"IF(D78>=0,0,S23)"]
[null,null,"A","(D52+D68-(D54+D55)-D58)"]
[null,null,"S23","IF(A>0,B,D61+D71)"]
[null,null,"B","(D61+D71)-(D52+D68-(D54+D55)-D58)"]
[]
[null,null,null,"SUB-TOTAL 6"]
[null,null,null,"IF(AND(D54>0,D74>0),NA(),A)"]
[null,null,"A","IF(AND(D56>0,D74>0),NA(),B)"]
[null,null,"B","IF(D95<0,NA(),C)"]
[null,null,"C","IF(D72<0,D72+D74,D72-D74)"]
[]
[null,null,null,"SUB-TOTAL 7"]
[null,null,null,"IF(AND(D58>0,D77>0),NA(),A)"]
[null,null,"A","IF(AND(D59>0,D77>0),NA(),B)"]
[null,null,"B","IF(D97<0,NA(),C)"]
[null,null,"C","IF(D74+D77>100000,NA(),D)"]
[null,null,"D","IF(D75<0,D75+D77,D75-D77)"]

{"sheet":"Rental Income Schedule","index":5,"n_rows":35,"n_cols":5,"rows_kept":35,"cut":false,"hidden":false,"merged":[[5,3,5,5],[3,3,3,5],[4,3,4,5],[9,2,9,4],[37,2,37,4],[13,3,13,4],[10,2,10,4]]}
[]
[null,"RENTAL INCOME SCHEDULE"]
[]
[null,"Name of Company:",null,{"$f":"IF('Company''s Particulars'!E4=\"\",\"\",'Company''s Particulars'!E4)","v":""}]
[null,"Tax Reference No.:",null,{"$f":"IF('Company''s Particulars'!E6=\"\",\"\",'Company''s Particulars'!E6)","v":""}]
[null,"Year of Assessment:",null,{"$f":"IF('Company''s Particulars'!E8=\"\",\"\",'Company''s Particulars'!E8)","v":2024}]
[]
[null,"Please read before using:"]
[]
[null,1,"Enter the total amount of rental income and expenses from all properties in this schedule.  The information entered will be used to calculate the taxable rental income in the \"Tax Computation\" template."]
[null,2,"If the company earns rental income from more than 1 property, please provide the details of each property by using copies of this schedule. When entering data into this schedule, please enter only the total rental income/expenses of all the properties."]
[]
[]
[null,null,"Address of property rented out:"]
[]
[null,null,"Period of rental in basis period:"]
[]
[null,null,"Vacant period, if any:"]
[]
[null,null,null,"S$","S$"]
[]
[null,null,"Gross rental income"]
[]
[null,null,"Less: expenses incurred (excluding expenses incurred during the vacant period, if any)"]
[null,null,"Property tax"]
[null,null,"Insurance"]
[null,null,"Repairs and maintenance"]
[null,null,"Interest expenses"]
[null,null,"Agent's commission"]
[null,null,"Others, please specify:"]
[]
[]
[]
[null,null,null,null,{"$f":"SUM(D25:D34)","v":0}]
[null,null,"Net rental income",null,{"$f":"MAX(0,IF(ISERR(ROUNDDOWN(E22-E34,0)),\"\",ROUNDDOWN(E22-E34,0)))","v":0}]

{"sheet":"Interest Adjustment Schedule","index":6,"n_rows":41,"n_cols":6,"rows_kept":41,"cut":false,"hidden":false,"merged":[[43,3,43,5],[3,2,3,5],[4,2,4,5],[5,2,5,5]]}
[]
[null,"INTEREST ADJUSTMENT SCHEDULE"]
[]
[null,"Name of Company:",{"$f":"IF('Company''s Particulars'!E4=\"\",\"\",'Company''s Particulars'!E4)","v":""}]
[null,"Tax Reference No.:",{"$f":"IF('Company''s Particulars'!E6=\"\",\"\",'Company''s Particulars'!E6)","v":""}]
[null,"Year of Assessment:",{"$f":"IF('Company''s Particulars'!E8=\"\",\"\",'Company''s Particulars'!E8)","v":2024}]
[]
[null,"Non-Income Producing Assets"]
[null,"  Investment - subsidiaries"]
[null,"  Investment - associated companies"]
[null,"  Investment - others"]
[null,"  Amount owing by subsidiaries (non-trade)"]
[null,"  Amount owing by associated company (non-trade)"]
[null,"  Amount owing by related companies (non-trade)"]
[null,"  Other debtor(s)"]
[null,"  Others"]
[null,"Total",null,null,{"$f":"IF(SUM(E9:E16)=0,0,SUM(E9:E16))","v":0}]
[]
[null,"Total Assets"]
[null,"  Investment - subsidiaries"]
[null,"  Investment - associated companies"]
[null,"  Investment - others"]
[null,"  Fixed assets "]
[null,"  Current assets"]
[null,"  Provision for stock obsolescence"]
[null,"  Club membership"]
[null,"  Others"]
[null,"Total",null,null,{"$f":"IF(SUM(E20:E27)=0,0,SUM(E20:E27))","v":0}]
[]
[null,"Common Interest Expense"]
[null,"  Loan interest"]
[null,"  Overdraft interest"]
[null,"  Bank interest"]
[null,"  Others"]
[null,"Total",null,null,{"$f":"IF(SUM(E31:E34)=0,0,SUM(E31:E34))","v":0}]
[]
[null,"Interest on non-income producing assets"]
[]
[null,{"$f":"E17","v":0},"x",{"$f":"E35","v":0},"  =  ",{"$f":"IF(ISERROR(ROUNDDOWN(B39/B40*D39,0)),0,IF((B39/B40*D39)>E35,0,(ROUNDDOWN(B39/B40*D39,0))))","v":0}]
[null,{"$f":"E28","v":0}]
[" "]

{"sheet":"Medical Expense Schedule","index":7,"n_rows":30,"n_cols":5,"rows_kept":30,"cut":false,"hidden":false,"merged":[[3,3,3,6],[4,3,4,6],[5,3,5,6]]}
[]
[null,"MEDICAL EXPENSE SCHEDULE"]
[]
[null,"Name of Company:",null,{"$f":"'Tax Computation'!D3","v":""}]
[null,"Tax Reference No.:",null,{"$f":"'Tax Computation'!D4","v":""}]
[null,"Year of Assessment:",null,{"$f":"'Tax Computation'!D5","v":2024}]
[]
[null,"Please complete the following by selecting Yes or No from the box:"]
[null,"a. Is the company claiming medical expenses in excess of 1% of total employees' remuneration?"]
[]
[null,"b. If yes, has the company met the qualifying conditions ?"]
[]
[]
[null,"Total remuneration"]
[]
[null,"Employees' salaries, allowance and bonuses"]
[null,"Directors' remuneration (excluding directors' fees)"]
[null,"CPF contributions"]
[null,"Others, please specify:"]
[]
[]
[]
[]
[null,"Total",null,null,{"$f":"SUM(E16:E23)","v":0}]
[]
[null,"Computation of disallowable medical expense:"]
[]
[null,{"$f":"IF(AND(J11=\"Yes\",J9=\"Yes\"),\"2%\",\"1%\")","v":"1%"},"of total remuneration",null,{"$f":"ROUND(E24*B28,0)","v":0}]
[null,"Total medical expenses"]
[null,"Amount disallowed",null,null,{"$f":"IF(E28-E29>0,\"0\",(E28-E29))","v":0}]

{"sheet":"R&R Cost Schedule","index":8,"n_rows":39,"n_cols":8,"rows_kept":39,"cut":false,"hidden":false,"merged":[[3,2,3,5],[4,2,4,5],[5,2,5,5],[10,2,10,6],[16,2,16,6],[11,2,11,6],[15,2,15,6],[14,2,14,6],[12,2,12,6],[13,2,13,6],[36,1,37,7],[19,2,19,6],[17,2,17,6],[21,1,21,3],[20,2,20,6],[18,2,18,6],[28,7,29,7],[28,3,29,3],[28,1,29,1],[28,2,29,2],[28,6,29,6],[24,1,24,7],[28,4,28,5]]}
[]
[null,"RENOVATION & REFURBISHMENT WORKS (R&R COSTS) SCHEDULE"]
[]
[null,"Name of Company:",{"$f":"IF('Company''s Particulars'!E4=\"\",\"\",'Company''s Particulars'!E4)","v":""}]
[null,"Tax Reference No.:",{"$f":"IF('Company''s Particulars'!E6=\"\",\"\",'Company''s Particulars'!E6)","v":""}]
[null,"Year of Assessment:",{"$f":"IF('Company''s Particulars'!E8=\"\",\"\",'Company''s Particulars'!E8)","v":2024}]
[]
[null,"New items qualifying as renovation & refurbishment costs "]
[null,"(incurred during financial year ending 2023)"]
[]
[null,"Date (dd/mm/yyyy)","Description of Renovation & Refurbishment Works",null,null,null,null,"Amount ($)"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Total Qualifying R&R Costs",null,null,null,null,null,{"$f":"MIN(SUM(H12:H21),300000)","v":0}]
[]
[null,"No. of YAs of Claim"]
[null,"Note: For qualifying R&R costs incurred during the basis period for YA 2024, companies have the option to claim the deduction in 1 YA instead of over 3 YAs. All other conditions remain the same."]
[]
[null,"DEDUCTION CLAIMED UNDER SECTION 14N"]
[]
[null,"YA ","Original qualifying R&R costs incurred ($)","R&R costs b/f\n($)","S14N deduction claim\n($)",null,"R&R costs c/f\n($)","No. of years remaining"]
[null,null,null,null,"Over 3 years","Over 1 year"]
[null,{"$f":"+C6","v":2024},{"$f":"+RR_Tot_Amt","v":0},null,{"$f":"IF(H24=1,\"\",IF(H24=\"\",0,ROUND(Orig_YA1/3,0)))","v":0},{"$f":"IF(H24=3,\"\",IF(H24=\"\",0,ROUND(Orig_YA1,0)))","v":0},{"$f":"IF(No_Claim=3,(Orig_YA1-S14Q_Over3yr_YA1),(Orig_YA1-S14Q_Over1yr_YA1))","v":0},{"$f":"IF(No_Claim=\"\",\"\",IF(No_Claim=1,\"0\",IF(Orig_YA1=0,\"\",\"2\")))","v":""}]
[null,{"$f":"+B31-1","v":2023},null,{"$f":"(Orig_YA2/3)*2","v":0},{"$f":"ROUND(RR_YA2/2,0)","v":0},"N.A.",{"$f":"+RR_YA2-S14Q_Over3yr_YA2","v":0},{"$f":"IF(OR(Orig_YA2=\"\",Orig_YA2=0),\"\",\"1\")","v":""}]
[null,{"$f":"+B32-1","v":2022},null,{"$f":"Orig_YA3/3","v":0},{"$f":"ROUND(RR_YA3,0)","v":0},"N.A.",{"$f":"+RR_YA3-S14Q_Over3yr_YA3","v":0},{"$f":"IF(OR(Orig_YA3=\"\",Orig_YA3=0),\"\",\"0\")","v":""}]
[]
[null,null,null,"S14N deduction",{"$f":"IF(No_Claim=3,S14Q_Total_3Yrs,S14Q_Total_1Yr)","v":0},{"$f":"IF(SUM(S14Q_3YAs)>300000,0,SUM(S14Q_3YAs))","v":0},{"$f":"IF((S14Q_Over1yr_YA1+SUM(S14Q_2YAs))>300000,0,(S14Q_Over1yr_YA1+SUM(S14Q_2YAs)))","v":0}]
[]
[null,"By completing this schedule, I confirm that the above items do not require the approval of the Commissioner of Building Control. "]
[]
[null,"End"]

{"sheet":"Capital Allowance - New","index":9,"n_rows":44,"n_cols":8,"rows_kept":44,"cut":false,"hidden":false,"merged":[[21,1,21,10],[22,1,22,10],[24,1,24,10],[15,1,15,10],[18,1,18,10],[20,1,20,10],[9,1,9,2],[10,1,10,2],[11,1,11,2],[9,4,9,7],[10,4,10,7],[11,4,11,7]]}
[null,null,"Computer"]
[null,null,"Furniture & Fittings"]
[null,null,"Plant & Machinery"]
[null,null,"Motor Vehicle"]
[null,null,"Office Equipment"]
[null,null,"Others"]
[]
[null,"CAPITAL ALLOWANCE SCHEDULE FOR NEW ASSETS"]
[]
[null,"Name of Company:",null,null,{"$f":"IF('Company''s Particulars'!E4=\"\",\"\",'Company''s Particulars'!E4)","v":""}]
[null,"Tax Reference No.:",null,null,{"$f":"IF('Company''s Particulars'!E6=\"\",\"\",'Company''s Particulars'!E6)","v":""}]
[null,"Year of Assessment:",null,null,{"$f":"IF('Company''s Particulars'!E8=\"\",\"\",'Company''s Particulars'!E8)","v":2024}]
[]
[null,"Please read before using:"]
[]
[null,"1. This schedule is for entering details of new assets on which you wish to claim capital allowance. If the new asset is under hire purchase, please click the button below to enter details of the asset."]
[]
[null,""]
[null,"2. If you wish to defer the capital allowance claim on the new asset, please select \"Deferred\" from the dropdown list at No. 2 (i.e. number of years)."]
[]
[null,"3. Please fill in the yellow boxes below for each new asset that you are claiming capital allowance or deferring the assets (e.g if you are claiming for 5 new assets, you need to key in the details 5 times)."]
[]
[null,"4. After entering the details for each asset, please click on the \"Enter\" button before continuing to key in a new set of values for the next asset."]
[]
[null,"5. The information will be auto-populated over to the \"Capital Allowance\" tab."]
[]
[]
[null,"1a)","Choose the category of fixed asset for which you are claiming capital allowance; OR"]
[]
[null,null,null,null,null,null,{"$f":"IF(C34=\"\",C30,C34)","v":0},{"$f":"IF(C34=\"\",C30,C34)","v":0}]
[]
[null,"1b)","Key in the description of the fixed asset for which you are claiming capital allowance (max 35 characters)"]
[]
[null,null,null,null,null,null,{"$f":"LEN(C34)","v":0}]
[]
[null,"2)","Choose the number of years over which you are claiming capital allowance"]
[]
[null,null,null,{"$f":"IF(C38=2,\"(only for assets acquired in YA 2024)\",\"\")","v":""}]
[]
[null,"3)","Fill in the cost of the fixed asset"]
[]
[]
[]
[null,"4)","Click this button after entering the information for each fixed asset"]

{"sheet":"Capital Allowance - HP","index":10,"n_rows":21,"n_cols":22,"rows_kept":21,"cut":false,"hidden":false,"merged":[[6,2,6,4],[7,2,7,4],[8,2,8,4],[6,12,6,14],[7,12,7,14],[8,12,8,14]]}
[null,1,null,null,null,1]
[null,3,null,null,null,3]
[null,6,null,null,null,6]
[null,null,null,null,null,"Deferred"]
[null,"CAPITAL ALLOWANCE SCHEDULE FOR NEW ASSETS UNDER HIRE PURCHASE",null,null,null,null,null,null,null,null,null,null,"UNDER HIRE-PURCHASE"]
[]
[null,"Name of Company:",{"$f":"IF('Company''s Particulars'!E4=\"\",\"\",'Company''s Particulars'!E4)","v":""},null,null,null,null,null,null,null,null,null,{"$f":"IF('Company''s Particulars'!E4=\"\",\"\",'Company''s Particulars'!E4)","v":""}]
[null,"Tax Reference No.:",{"$f":"IF('Company''s Particulars'!E6=\"\",\"\",'Company''s Particulars'!E6)","v":""},null,null,null,null,null,null,null,null,null,{"$f":"IF('Company''s Particulars'!E6=\"\",\"\",'Company''s Particulars'!E6)","v":""}]
[null,"Year of Assessment:",{"$f":"IF('Company''s Particulars'!E8=\"\",\"\",'Company''s Particulars'!E8)","v":2024},null,null,null,null,null,null,null,null,null,{"$f":"IF('Company''s Particulars'!E8=\"\",\"\",'Company''s Particulars'!E8)","v":2024}]
[]
[null,"Assets Under Hire Purchase Terms (HP)"]
[]
[null,"Description of assets"]
[null,"Number of years of working life"]
[null,"Cost of asset"]
[null,"Total principal amount paid per financial year (including downpayment, if any, and excluding interest)","Year of Assessment","Amount","Year of Assessment","Amount","Year of Assessment","Amount","Year of Assessment","Amount","Year of Assessment","Amount","Year of Assessment","Amount","Year of Assessment","Amount","Year of Assessment","Amount","Year of Assessment","Amount","Year of Assessment","Amount"]
[null,"First year"]
[null,"Second year"]
[null,"Third year"]
[null,"Fourth year"]
[null,"Fifth year"]

{"sheet":"CA (assets acquired under PIC)","index":11,"n_rows":38,"n_cols":12,"rows_kept":38,"cut":false,"hidden":false,"merged":[[1,1,1,12],[4,3,4,7],[5,3,5,7],[6,3,6,7],[0,1,0,12]]}
[null,"PRODUCTIVITY AND INNOVATION CREDIT (PIC) SCHEDULE"]
[null,"CAPITAL ALLOWANCE (CA)"]
[null,"This schedule is applicable for assets acquired on or before YA 2018 under the PIC scheme."]
[]
[null,"Name of Company:",null,{"$f":"IF('Company''s Particulars'!E4=\"\",\"\",'Company''s Particulars'!E4)","v":""}]
[null,"Tax Reference No.:",null,{"$f":"IF('Company''s Particulars'!E6=\"\",\"\",'Company''s Particulars'!E6)","v":""}]
[null,"Year of Assessment:",null,{"$f":"IF('Company''s Particulars'!E8=\"\",\"\",'Company''s Particulars'!E8)","v":2024}]
[]
[null,"Description of Asset","Date of purchase (dd/mm/yyyy)","YA of purchase",null,"No. of years of working life b/f",null,"Cost","Tax written down value b/f","Initial Allowance (IA) + Annual Allowance (AA)","Tax written down value c/f","No. of years of working life c/f"]
[]
[null,"Existing Assets (non-HP)"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(I12=\"\",\"\",(+I12-J12))","v":""}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(I13=\"\",\"\",(+I13-J13))","v":""}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(I14=\"\",\"\",(+I14-J14))","v":""}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(I15=\"\",\"\",(+I15-J15))","v":""}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(I16=\"\",\"\",(+I16-J16))","v":""}]
[]
[null,"Existing Assets (HP)"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(I19=\"\",\"\",(+I19-J19))","v":""}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(I20=\"\",\"\",(+I20-J20))","v":""}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(I21=\"\",\"\",(+I21-J21))","v":""}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(I22=\"\",\"\",(+I22-J22))","v":""}]
[null,null,null,null,null,null,null,null,null,null,{"$f":"IF(I23=\"\",\"\",(+I23-J23))","v":""}]
[]
[null,null,null,null,null,null,null,null,"Total",{"$f":"ROUND(SUM(J11:J23),0)","v":0}]
[]
[]
[null,"Disposals during the year (for assets which the company had previously claimed enhanced capital allowances under PIC)"]
[null,"Description of Asset","Date of purchase (dd/mm/yyyy)","YA of purchase",null,"No. of years of working life",null,"Cost","Tax written down value b/f","Sales Proceeds","Balancing Allowance (BA)","Balancing \nCharge \n(BC)"]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,"Total",{"$f":"IF(SUM(K30:K34)<>0,SUM(K30:K34),\"0\")","v":"0"},{"$f":"IF(SUM(L30:L34)<>0,SUM(L30:L34),\"0\")","v":"0"}]
[]
[null,"Gain / (Loss) on disposal of asset(s) during the year",null,null,null,null,null,null,"Net (CA PIC and No PIC)",null,{"$f":"+F38-(-'Capital Allowance (CA)'!G53)","v":0}]

{"sheet":"Capital Allowance (CA)","index":12,"n_rows":53,"n_cols":16,"rows_kept":53,"cut":false,"hidden":false,"merged":[[0,1,0,13],[22,2,31,2],[3,2,3,6],[2,2,2,6],[4,2,4,6]]}
[null,"CAPITAL ALLOWANCE (CA) SCHEDULE"]
[]
[null,"Name of Company:",{"$f":"IF('Company''s Particulars'!E4=\"\",\"\",'Company''s Particulars'!E4)","v":""}]
[null,"Tax Reference No.:",{"$f":"IF('Company''s Particulars'!E6=\"\",\"\",'Company''s Particulars'!E6)","v":""}]
[null,"Year of Assessment:",{"$f":"IF('Company''s Particulars'!E8=\"\",\"\",'Company''s Particulars'!E8)","v":2024}]
[]
[null,"Description of Asset","YA of purchase",null,"No. of years of working life b/f",null,"Cost","Tax written down value b/f","Principal paid during the year (excluding interest, including downpayment)","Initial Allowance (IA)","Annual Allowance (AA)","Tax written down value c/f",null,"No. of years of working life c/f",null,"Remove this line (please select 'x' and then press the 'Remove' button)"]
[]
[null,"Additions during the year (non-HP assets) [Details from Capital Allowance Schedule for New Assets]"]
[null,null,null,null,null,null,null,null,null,{"$f":"IF(E10=2,\"\",IF(E10=\"Deferred\",\"Deferred\",IF(E10=6,ROUND((0.2*G10),0),\"\")))","v":""},{"$f":"IF(E10=\"Deferred\",\"Deferred\",IF(ISERR(IF(E10=2,ROUND((0.75*G10),0),IF(J10=\"\",ROUND((G10/E10),0),ROUND((0.8*G10/E10),0)))),\"\",IF(E10=2,ROUND((0.75*G10),0),IF(J10=\"\",ROUND((G10/E10),0),ROUND((0.8*G10/E10),0)))))","v":""},{"$f":"IF(G10=\"\",\"\",IF(G10-SUM(J10:K10)>0,G10-SUM(J10:K10),\"0\"))","v":""},null,{"$f":"IF(E10=\"Deferred\",\"Deferred\",IF(E10=\"\",\"\",E10-1))","v":""}]
[null,null,null,null,null,null,null,null,null,{"$f":"IF(E11=2,\"\",IF(E11=\"Deferred\",\"Deferred\",IF(E11=6,ROUND((0.2*G11),0),\"\")))","v":""},{"$f":"IF(E11=\"Deferred\",\"Deferred\",IF(ISERR(IF(E11=2,ROUND((0.75*G11),0),IF(J11=\"\",ROUND((G11/E11),0),ROUND((0.8*G11/E11),0)))),\"\",IF(E11=2,ROUND((0.75*G11),0),IF(J11=\"\",ROUND((G11/E11),0),ROUND((0.8*G11/E11),0)))))","v":""},{"$f":"IF(G11=\"\",\"\",IF(G11-SUM(J11:K11)>0,G11-SUM(J11:K11),\"0\"))","v":""},null,{"$f":"IF(E11=\"Deferred\",\"Deferred\",IF(E11=\"\",\"\",E11-1))","v":""}]
[null,null,null,null,null,null,null,null,null,"","",{"$f":"IF(G12=\"\",\"\",IF(G12-SUM(J12:K12)>0,G12-SUM(J12:K12),\"0\"))","v":""},null,{"$f":"IF(E12=\"Deferred\",\"Deferred\",IF(E12=\"\",\"\",E12-1))","v":""}]
[null,null,null,null,null,null,null,null,null,"","",{"$f":"IF(G13=\"\",\"\",IF(G13-SUM(J13:K13)>0,G13-SUM(J13:K13),\"0\"))","v":""},null,{"$f":"IF(E13=\"Deferred\",\"Deferred\",IF(E13=\"\",\"\",E13-1))","v":""}]
[]
[null,"Existing Assets (non-HP)"]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(H16=\"\",\"\",H16-J16-K16)","v":""}]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(H17=\"\",\"\",H17-J17-K17)","v":""}]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(H18=\"\",\"\",H18-J18-K18)","v":""}]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(H19=\"\",\"\",H19-J19-K19)","v":""}]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(H20=\"\",\"\",H20-J20-K20)","v":""},null,null,null," "]
[]
[null,"Additions during the year (HP assets) [Details from Schedule for New assets under Hire-purchase]"]
[null,{"$f":"IF('Capital Allowance - HP'!D13=\"\",\"\",'Capital Allowance - HP'!D13)","v":""},{"$f":"IF('Company''s Particulars'!E8=\"\",\"\",'Company''s Particulars'!E8)","v":2024},null,{"$f":"IF('Capital Allowance - HP'!D14=\"\",\"\",'Capital Allowance - HP'!D14)","v":""},null,{"$f":"IF('Capital Allowance - HP'!D15=\"\",\"\",'Capital Allowance - HP'!D15)","v":""},null,{"$f":"IF('Capital Allowance - HP'!D17=\"\",\"\",'Capital Allowance - HP'!D17)","v":""},{"$f":"IF(E23=2,\"\",IF(E23=\"Deferred\",\"Deferred\",IF(ISERR(IF(E23=6,ROUND((0.2*I23),0),\"\")),\"\",IF(E23=6,ROUND((0.2*I23),0),\"\"))))","v":""},{"$f":"IF(E23=\"Deferred\",\"Deferred\",IF(ISERR(IF(E23=1,ROUND((I23/E23),0),IF(E23=3,ROUND((I23/E23),0),IF(E23=2,ROUND((0.75*I23),0),IF(E23>3,ROUND(((0.8*G23)/E23),0)))))),\"\",IF(E23=1,ROUND((I23/E23),0),IF(E23=3,ROUND((I23/E23),0),IF(E23=2,ROUND((0.75*I23),0),IF(E23>3,ROUND(((0.8*G23)/E23),0)))))))","v":""},{"$f":"IF(ISERR(IF(G23-SUM(J23:K23)>0,G23-SUM(J23:K23),\"\")),\"\",IF(G23-SUM(J23:K23)>0,G23-SUM(J23:K23),\"\"))","v":""},null,{"$f":"IF(E23=\"Deferred\",\"Deferred\",IF(ISERROR(E23-1),\"\",E23-1))","v":""},null," "]
[null,{"$f":"IF('Capital Allowance - HP'!F13=\"\",\"\",'Capital Allowance - HP'!F13)","v":""},null,null,{"$f":"IF('Capital Allowance - HP'!F14=\"\",\"\",'Capital Allowance - HP'!F14)","v":""},null,{"$f":"IF('Capital Allowance - HP'!F15=\"\",\"\",'Capital Allowance - HP'!F15)","v":""},null,{"$f":"IF('Capital Allowance - HP'!F17=\"\",\"\",'Capital Allowance - HP'!F17)","v":""},{"$f":"IF(E24=2,\"\",IF(E24=\"Deferred\",\"Deferred\",IF(ISERR(IF(E24=6,ROUND((0.2*I24),0),\"\")),\"\",IF(E24=6,ROUND((0.2*I24),0),\"\"))))","v":""},{"$f":"IF(E24=\"Deferred\",\"Deferred\",IF(ISERR(IF(E24=1,ROUND((I24/E24),0),IF(E24=3,ROUND((I24/E24),0),IF(E24=2,ROUND((0.75*I24),0),IF(E24>3,ROUND(((0.8*G24)/E24),0)))))),\"\",IF(E24=1,ROUND((I24/E24),0),IF(E24=3,ROUND((I24/E24),0),IF(E24=2,ROUND((0.75*I24),0),IF(E24>3,ROUND(((0.8*G24)/E24),0)))))))","v":""},{"$f":"IF(ISERR(IF(G24-SUM(J24:K24)>0,G24-SUM(J24:K24),\"\")),\"\",IF(G24-SUM(J24:K24)>0,G24-SUM(J24:K24),\"\"))","v":""},null,{"$f":"IF(E24=\"Deferred\",\"Deferred\",IF(ISERROR(E24-1),\"\",E24-1))","v":""},null," "]
[null,{"$f":"IF('Capital Allowance - HP'!H13=\"\",\"\",'Capital Allowance - HP'!H13)","v":""},null,null,{"$f":"IF('Capital Allowance - HP'!H14=\"\",\"\",'Capital Allowance - HP'!H14)","v":""},null,{"$f":"IF('Capital Allowance - HP'!H15=\"\",\"\",'Capital Allowance - HP'!H15)","v":""},null,{"$f":"IF('Capital Allowance - HP'!H17=\"\",\"\",'Capital Allowance - HP'!H17)","v":""},"","","",null,"",null," "]
[null,{"$f":"IF('Capital Allowance - HP'!J13=\"\",\"\",'Capital Allowance - HP'!J13)","v":""},null,null,{"$f":"IF('Capital Allowance - HP'!J14=\"\",\"\",'Capital Allowance - HP'!J14)","v":""},null,{"$f":"IF('Capital Allowance - HP'!J15=\"\",\"\",'Capital Allowance - HP'!J15)","v":""},null,{"$f":"IF('Capital Allowance - HP'!J17=\"\",\"\",'Capital Allowance - HP'!J17)","v":""},"","","",null,"",null," "]
[null,{"$f":"IF('Capital Allowance - HP'!L13=\"\",\"\",'Capital Allowance - HP'!L13)","v":""},null,null,{"$f":"IF('Capital Allowance - HP'!L14=\"\",\"\",'Capital Allowance - HP'!L14)","v":""},null,{"$f":"IF('Capital Allowance - HP'!L15=\"\",\"\",'Capital Allowance - HP'!L15)","v":""},null,{"$f":"IF('Capital Allowance - HP'!L17=\"\",\"\",'Capital Allowance - HP'!L17)","v":""},"","","",null,"",null," "]
[null,{"$f":"IF('Capital Allowance - HP'!N13=\"\",\"\",'Capital Allowance - HP'!N13)","v":""},null,null,{"$f":"IF('Capital Allowance - HP'!N14=\"\",\"\",'Capital Allowance - HP'!N14)","v":""},null,{"$f":"IF('Capital Allowance - HP'!N15=\"\",\"\",'Capital Allowance - HP'!N15)","v":""},null,{"$f":"IF('Capital Allowance - HP'!N17=\"\",\"\",'Capital Allowance - HP'!N17)","v":""},"","","",null,"",null," "]
[null,{"$f":"IF('Capital Allowance - HP'!P13=\"\",\"\",'Capital Allowance - HP'!P13)","v":""},null,null,{"$f":"IF('Capital Allowance - HP'!P14=\"\",\"\",'Capital Allowance - HP'!P14)","v":""},null,{"$f":"IF('Capital Allowance - HP'!P15=\"\",\"\",'Capital Allowance - HP'!P15)","v":""},null,{"$f":"IF('Capital Allowance - HP'!P17=\"\",\"\",'Capital Allowance - HP'!P17)","v":""},"","","",null,"",null," "]
[null,{"$f":"IF('Capital Allowance - HP'!R13=\"\",\"\",'Capital Allowance - HP'!R13)","v":""},null,null,{"$f":"IF('Capital Allowance - HP'!R14=\"\",\"\",'Capital Allowance - HP'!R14)","v":""},null,{"$f":"IF('Capital Allowance - HP'!R15=\"\",\"\",'Capital Allowance - HP'!R15)","v":""},null,{"$f":"IF('Capital Allowance - HP'!R17=\"\",\"\",'Capital Allowance - HP'!R17)","v":""},"","","",null,"",null," "]
[null,{"$f":"IF('Capital Allowance - HP'!T13=\"\",\"\",'Capital Allowance - HP'!T13)","v":""},null,null,{"$f":"IF('Capital Allowance - HP'!T14=\"\",\"\",'Capital Allowance - HP'!T14)","v":""},null,{"$f":"IF('Capital Allowance - HP'!T15=\"\",\"\",'Capital Allowance - HP'!T15)","v":""},null,{"$f":"IF('Capital Allowance - HP'!T17=\"\",\"\",'Capital Allowance - HP'!T17)","v":""},"","","",null,"",null," "]
[null,{"$f":"IF('Capital Allowance - HP'!V13=\"\",\"\",'Capital Allowance - HP'!V13)","v":""},null,null,{"$f":"IF('Capital Allowance - HP'!V14=\"\",\"\",'Capital Allowance - HP'!V14)","v":""},null,{"$f":"IF('Capital Allowance - HP'!V15=\"\",\"\",'Capital Allowance - HP'!V15)","v":""},null,{"$f":"IF('Capital Allowance - HP'!V17=\"\",\"\",'Capital Allowance - HP'!V17)","v":""},"","","",null,{"$f":"IF(E32=\"Deferred\",\"Deferred\",IF(ISERROR(E32-1),\"\",E32-1))","v":""},null," "]
[]
[null,"Existing Assets (HP)"]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(H35=\"\",\"\",H35-J35-K35)","v":""}]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(H36=\"\",\"\",H36-J36-K36)","v":""}]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(H37=\"\",\"\",H37-J37-K37)","v":""}]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(H38=\"\",\"\",H38-J38-K38)","v":""}]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(H39=\"\",\"\",H39-J39-K39)","v":""}]
[]
[null,null,null,null,null,null,null,null,"Capital allowance claimed",{"$f":"IF(SUM(J9:J39)>0,SUM(J9:J39),\"0\")","v":"0"},{"$f":"IF(SUM(K9:K39)>0,SUM(K9:K39),\"0\")","v":"0"}]
[]
[null,"Disposals during the year"]
[null,"Description of Asset","YA of purchase",null,"No. of years of working life",null,"Cost","Tax written down value b/f","Sales Proceeds","Balancing Allowance (BA)","Balancing Charge (BC)"]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,"Total",{"$f":"IF(SUM(J44:J49)<>0,SUM(J44:J49),\"0\")","v":"0"},{"$f":"IF(SUM(K44:K49)<>0,SUM(K44:K49),\"0\")","v":"0"}]
[]
[null,"Gain / (Loss) on disposal of asset(s) during the year"]

{"sheet":"Capital Allowance Summary","index":13,"n_rows":19,"n_cols":9,"rows_kept":19,"cut":false,"hidden":false,"merged":[[2,2,2,6],[3,2,3,6],[4,2,4,6],[0,1,0,8]]}
[null,"CAPITAL ALLOWANCE SUMMARY"]
[]
[null,"Name of Company:",{"$f":"IF('Company''s Particulars'!E4=\"\",\"\",'Company''s Particulars'!E4)","v":""}]
[null,"Tax Reference No.:",{"$f":"IF('Company''s Particulars'!E6=\"\",\"\",'Company''s Particulars'!E6)","v":""}]
[null,"Year of Assessment:",{"$f":"IF('Company''s Particulars'!E8=\"\",\"\",'Company''s Particulars'!E8)","v":2024}]
[]
[null,null,null,null,null,null,null,null,"$"]
[]
[null,"Total IA and AA per the \"CA (assets acquired under PIC)\" Worksheet",null,null,null,null,null,null,{"$f":"SUM(CA_PIC_IAAA)","v":0}]
[null,"Total IA and AA per the \"Capital Allowance (CA)\" Worksheet",null,null,null,null,null,null,{"$f":"+CA_Tot_IA+CA_Tot_AA","v":0}]
[null,"Total Capital Allowances for current YA",null,null,null,null,null,null,{"$f":"+I9+I10","v":0}]
[]
[null,"Total BA per the \"CA (assets acquired under PIC)\" Worksheet",null,null,null,null,null,null,{"$f":"SUM(CA_PIC_BA)","v":0}]
[null,"Total BA per the \"Capital Allowance (CA)\" Worksheet",null,null,null,null,null,null,{"$f":"SUM(CA_Tot_BA)","v":0}]
[null,"Total BA",null,null,null,null,null,null,{"$f":"SUM(I13:I14)","v":0}]
[]
[null,"Total BC per the \"CA (assets acquired under PIC)\" Worksheet",null,null,null,null,null,null,{"$f":"SUM(CA_PIC_BC)","v":0}]
[null,"Total BC per the \"Capital Allowance (CA)\" Worksheet",null,null,null,null,null,null,{"$f":"SUM(CA_Tot_BC)","v":0}]
[null,"Total BC",null,null,null,null,null,null,{"$f":"SUM(I17:I18)","v":0}]

{"sheet":"Notes","index":14,"n_rows":365,"n_cols":3,"rows_kept":365,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[null,"BALANCING ALLOWANCE / BALANCING CHARGE"]
[]
[null,"When a fixed asset is sold or written off, a balancing allowance or balancing charge must be calculated if capital allowance had been claimed on the asset previously."]
[]
[null,"a) Balancing Allowance (BA)"]
[]
[null,"A BA, which is tax deductible, arises if the sales proceeds are lower than the tax written down value."]
[]
[null,"b) Balancing Charge (BC)"]
[]
[null,"A BC, which is taxable, arises if the sales proceeds are higher than the tax written down value. A taxable BC is restricted to the capital allowance allowed on the asset previously."]
[]
[]
[]
[]
[]
[null,"CAPITAL ALLOWANCES"]
[]
[null,"No. Of Years Over Which Capital Allowances May Be Claimed"]
[null,"\nDescription of Asset                                        Number of Years\nComputers                                                        1 year\nFurniture & Fittings                                           3 years*\nPlant & Machinery                                            3 years*\nMotor Vehicles - Vans, Lorries and Trucks   3 years or prescribed lifespan of 6 years"]
[]
[null,"For more information on capital allowances, please refer to our website on:"]
[null,"\"Capital Allowances\""]
[]
[null,"*1-Year Write-Off of Low-Value Assets"]
[null,"Companies may choose to claim a 1-year write-off on assets costing not more than $5,000 each.  The total claim for a 1-year write-off of all such assets should not exceed $30,000 per YA.  For more information, please refer to our website on :"]
[null,"\"100% Write-Off in 1 Year\""]
[]
[null,"Accelerated 2-Year Write-Off for YA 2024"]
[null,"For qualifying fixed assets acquired in the basis period for YA 2024, companies are given an option to accelerate the write-off on the cost incurred over 2 years, instead of 3 years or the prescribed working life of the asset."]
[]
[null,"The rates of accelerated capital allowance allowed are as follows:"]
[null,"- 75% of the cost incurred to be written off in the first year (i.e. YA 2024); and"]
[null,"- 25% of the cost incurred to be written off in the second year (i.e. YA 2025)."]
[]
[null,"No deferment of capital allowance claim is allowed under this option."]
[]
[null,"For more information, please refer to our website on:"]
[null,"\"Write-Off Over 2 Years\""]
[]
[null,"GO TO CAPITAL ALLOWANCE - HP"]
[]
[]
[null,"CARRY-BACK OF CAPITAL ALLOWANCES / LOSSES"]
[]
[null,"Companies can carry back their current year unutilised capital allowances and/or trade losses (\"Qualifying Deductions\" or \"QD\") to the YA immediately preceding the YA in which the capital allowances and/or trade losses arose, subject to conditions. The maximum amount of QD that can be carried back is $100,000."]
[]
[null,"For more information, please refer to our website on:"]
[null,"\"Loss Carry-Back Relief\""]
[]
[]
[]
[]
[null,"CORPORATE INCOME TAX (CIT) REBATE FOR THE YEAR OF ASSESSMENT (YA) 2024 AND A CIT REBATE CASH GRANT"]
[]
[null,"For YA 2024, a CIT Rebate of 50% of tax payable will be granted to all taxpaying companies."]
[]
[null,"Companies that have employed at least one local employee in 2023 (referred to as “local employee condition”) will receive a minimum benefit of $2,000 in the form of a cash payout (referred to as “CIT Rebate Cash Grant”)."]
[]
[null,"The maximum total benefits of CIT Rebate and CIT Rebate Cash Grant that a company may receive is $40,000."]
[]
[null,"Companies that have met the local employee condition will automatically receive the CIT Rebate Cash Grant by 3Q 2024. The CIT Rebate, less any CIT Rebate Cash Grant received, will be automatically incorporated in companies’ tax assessments raised after they file their Form C-S/ Form C-S (Lite)/ Form C for YA 2024."]
[]
[null,"For example, Company A hired two local employees in 2023. It has a tax payable of $30,000 for YA 2024. Company A will receive a $2,000 CIT Rebate Cash Grant by 3Q 2024. It will receive another $13,000 [(50% *$30,000) - $2,000] in CIT Rebate in its YA 2024 CIT assessment."]
[]
[null,"Companies that qualify for a CIT Rebate Cash Grant of $2,000 and have a CIT Rebate of up to $2,000 will not be eligible to receive any CIT rebate. If a company does not meet the “local employee condition”, the CIT Rebate will be given without deducting $2,000 CIT Rebate Cash Grant."]
[]
[null,"A company is considered to have met the local employee condition if it has made CPF contributions to at least one local (i.e., Singapore Citizen or Permanent Resident) employee, excluding shareholders who are also directors of the company, in the calendar year 2023."]
[]
[null,"For more information, please refer to our website on:"]
[null,"\"CIT Rebate and CIT Rebate Cash Grant\""]
[]
[]
[]
[]
[null,"DEDUCTION FOR RENOVATION & REFURBISHMENT WORKS UNDER SECTION 14N"]
[]
[null,"A tax deduction is allowed on qualifying R&R costs incurred on renovating or refurbishing business premises.  Generally, all R&R costs would qualify except those relating to structural changes that require approval from the Commissioner of Building Control."]
[]
[null,"Under Section 14N, the amount of R&R costs that will qualify for tax deduction is subject to an expenditure cap of $300,000 for every relevant 3-year period, starting from the year in which the R&R costs were incurred and a deduction is claimed by the company."]
[]
[null,"Section 14N deduction must be claimed over 3 consecutive YAs*, starting from the YA relating to the basis period in which the R&R costs were first incurred (i.e. 1/3 of the R&R costs can be claimed in each YA over the 3 consecutive YAs).  Any amount of qualifying R&R costs, which are not claimed in the YA relating to the basis period in which they were first incurred, will not qualify for deduction in subsequent YAs."]
[]
[null,"Cessation Of Business"]
[null,"If your company permanently ceases business in any of the 3 YAs, a deduction will not be allowed on the balance of the R&R costs."]
[]
[null,"* Accelerated S14N Deduction for YA 2024"]
[null,"For qualifying R&R costs incurred during the basis period for YA 2024, companies have the option to claim the deduction in 1 YA instead of over 3 YAs. All other conditions remain the same."]
[]
[null,"Unutilised Section 14N Deduction"]
[null,"Any amount of Section 14N deduction that could not be fully utilised will form part of the adjusted trade loss of the company."]
[]
[null,"The adjusted trade loss (after deducting Section 14N deduction) can be set-off against other income of the company.  The amount of unutilised trade losses, if any, can be:"]
[null,"- carried forward to set-off against the company’s assessable income for future YAs, subject to the shareholding test"]
[null,"- carried back to the immediate preceding YA to set-off against the assessable income under the loss carry-back relief system, subject to the shareholding test"]
[null,"- transferred under the group relief system, subject to qualifying conditions"]
[]
[null,"For more information, please refer to our website on:"]
[null,"\"Renovation & Refurbishment Works Expenditure (Section 14N)\""]
[]
[]
[]
[]
[null,"DIVIDEND - SINGAPORE "]
[]
[null,"All Singapore dividends paid are exempt dividends. "]
[]
[]
[]
[]
[null,"DONATIONS"]
[]
[null,"You can claim deduction of 2.5 times the amount of donations made from 1 January 2016 to 31 December 2026, to an approved Institution of a Public Character (IPC) or the Singapore Government which benefits the local community."]
[]
[null,"The tax deduction for donations made will be automatically reflected in your YA 2024 assessment based on information from the IPC.  There is no need to enter the donation amount in your Income Tax Return."]
[]
[null,"For more information, please refer to our website on:"]
[null,"\"Donations & Tax Deductions\""]
[]
[null,"If the donations or gifts are for a \"foreign charitable purpose\", they are not tax deductible even though they are made to an approved IPC."]
[]
[]
[]
[]
[null,"ENTERPRISE INNOVATION SCHEME (EIS)"]
[]
[null,"From YA 2024 to 2028, companies may claim enhanced deductions/ allowances on qualifying expenditure incurred on EIS qualifying activities."]
[null,"Companies can opt to convert up to $100,000 of the total qualifying expenditure across all the qualifying activities for each YA into a non-taxable cash payout at a conversion rate of 20%, in lieu of tax deductions and/or allowances. Expenditure which has been converted into cash payout cannot be claimed as a tax deduction/allowance."]
[]
[null,"For more information, please refer to our website on:"]
[null,"\"Enterprise Innovation Scheme\""]
[]
[]
[]
[]
[null,"EXPENSES INCURRED IN EARNING RENTAL INCOME"]
[]
[null,"Expenses Relating to a Vacant Period"]
[null,"Expenses relating to a vacant property are not tax deductible. If the property is only rented out for a portion of a year, the expenses relating to the vacant period should not be included in the yellow boxes under \"Expenses incurred\"."]
[]
[null,"Expenses Incurred to Secure the First Tenant for a New Property"]
[null,"Prior to YA 2022"]
[null,"For the first property acquired by your company, all expenses incurred to secure the first tenant for the property cannot be deducted against the rental income of that property."]
[]
[null,"As a concession, if your company acquires another property, the commission, advertising, legal fees and stamp duty incurred to secure the first tenant for the additional property can be deducted against the rental income of that property."]
[]
[null,"With effect from YA 2022"]
[null,"Section 14ZE of the Income Tax Act 1947 provides that a deduction may be given for certain expenses incurred to grant, renew or extend a lease of an immovable property that is deriving rental income taxable under Section 10(1)(f)."]
[]
[null,"Hence, for the first and any additional property acquired by your company, the commission, advertising, legal fees and stamp duty incurred to secure the first tenant for the property can now be deducted against the rental income of that property, subject to Section 14ZE."]
[]
[null,"Section 14ZE does not apply to the following specified leases:\na) Any lease, or any renewal or extension of a lease for a term that (excluding any option for the renewal or extension of the lease) exceeds 3 years;\nb) Any acquisition, grant, novation, transfer or assignment of a lease because of any acquisition, sale, transfer or restructuring of any business; or\nc) A lease under an arrangement where the immovable property is sold by and leased back to the seller of the immovable property."]
[]
[]
[]
[]
[null,"FOREIGN EXCHANGE GAINS / LOSSES"]
[]
[null,"Under Section 34AB of the Income Tax Act 1947, businesses no longer need to distinguish between realised and unrealised revenue foreign exchange differences.  All revenue foreign exchange gains or losses will be taxable or deductible in the year that they are charged to the profit and loss account."]
[null,"This tax treatment applies automatically to businesses since YA 2004, unless such businesses had opted out of the tax treatment when submitting the income tax return for YA 2004.  Businesses that had previously opted out of the tax treatment in YA 2004 can now make an irrevocable election to the Comptroller of Income Tax (CIT) to adopt the tax treatment.  The election should be made when the business files its income tax return.  Upon approval by the CIT, such businesses will be allowed to adopt the tax treatment from the YA in which the election was made, and every subsequent YA."]
[]
[null,"Foreign exchange differences arising from the translation of financial statements prepared in the functional currency (e.g. US$) of the business to another currency (e.g. S$) for presentation purpose (\"translation foreign exchange differences\") are not taxable or deductible for tax purposes as these are merely notional gains or losses."]
[]
[null,"For more information, please refer to the IRAS e-Tax Guide:","Back to Tax Computation "]
[null,"\"Income Tax Treatment of Foreign Exchange Gains or Losses for Businesses\""]
[]
[]
[]
[]
[null,"FOREIGN-SOURCED INCOME EXEMPTION (FSIE)"]
[]
[null,"Tax exemption will be granted to a Singapore tax resident company on its specified foreign income* that is remitted into Singapore, if the qualifying conditions are met."]
[]
[null,"*The specified foreign income are:"]
[null,"1)  Foreign-sourced dividend"]
[null,"2)  Foreign branch profits"]
[null,"3)  Foreign-sourced service income"]
[]
[null,"For more information on the qualifying conditions, please refer to our website on:"]
[null,"\"Tax Exemption on Specified Foreign-Sourced Income\""]
[]
[]
[]
[]
[null,"FOREIGN TAX CREDIT (FTC)"]
[]
[null,"The company must satisfy all of the following conditions in order to claim FTC:\na)   The company is a tax resident in Singapore for the relevant basis year;\nb)   Tax has been paid or is payable on the same income in the foreign jurisdiction; and\nc)   The income is subject to taxation in Singapore."]
[]
[null,"The amount of FTC that may be claimed is the lower of:\n(i)  the actual amount of foreign tax paid; or\n(ii) the amount of Singapore tax attributable to the foreign income (net of expenses)."]
[]
[null,"For more information, please refer to our website on:"]
[null,"\"Foreign Tax Credit\""]
[]
[]
[]
[]
[null,"FURTHER DEDUCTIONS"]
[]
[null,"Examples of expenditure qualifying for further deductions are:"]
[null,"- expenses relating to approved trade fairs and exhibitions (Section 14B) and expenses relating to overseas investment development (Section 14H);"]
[null,"- research and development expenditure (R&D) (Section 14D(1) and 14E)."]
[]
[]
[]
[]
[null,"IMPAIRMENT FOR CREDIT-IMPAIRED FINANCIAL INSTRUMENTS"]
[]
[null,"FRS 109 replaces existing FRS 39 and it applies to entities that adopt FRS 109 for annual periods beginning on or after 1 Jan 2018."]
[]
[null,"Under the FRS 109, impairment losses recognised in the profit and loss (P&L) in respect of credit-impaired financial instruments that are on revenue account are allowable as a deduction.  Any reversal amount subsequently recognised in the P&L is taxable."]
[]
[null,"No tax deduction will be allowed for impairment losses in respect of the following:\na) Credit-impaired financial instruments that are on capital account;\nb) Non-credit-impaired financial instruments, regardless whether they are on revenue or capital account."]
[null,"For more information, please refer to our website on:"]
[null,"\"Impairment Loss on Trade Debts\""]
[null,"\"Adopting Financial Reporting Standard (FRS) 109 & 39 & the Tax Implications\""]
[]
[]
[]
[]
[null,"INTEREST ADJUSTMENT"]
[]
[null,"Interest expenses relating to non-income producing assets are not deductible for income tax purposes."]
[]
[null,"As such, you have to make interest adjustments in your tax computation if there are any interest expenses applicable to non-income producing assets."]
[]
[null,"For more information, please refer to our website on:"]
[null,"\"Interest Adjustment\""]
[]
[]
[]
[]
[null,"MEDICAL EXPENSES"]
[]
[null,"Medical expenses of employees are tax-deductible as long as these are capped at 1% of total employee remuneration accrued for the year."]
[]
[null,"However, the cap increases to 2% if the company implements any of the following:"]
[]
[null,"- Portable Medical Benefits Scheme (PMBS);\n- Transferable Medical Insurance Scheme (TMIS); or\n- Provision of inpatient medical insurance benefits in the form of portable medical shield plans (additional deduction will exclude premiums for riders that cover deductibles and co-payments^)."]
[null,"^ If the medical expenses (including rider premiums) do not exceed 1% of the total remuneration of the employees for the relevant basis period, the full amount of medical expenses will be deductible. If the medical expenses (including rider premiums) exceed 1% of the total remuneration of the employees for the relevant basis period, any excess amount which does not relate to rider premiums, will be deductible up to another 1% of the total remuneration of the employees for the relevant basis period."]
[]
[null,"For more information on the above schemes and the qualifying conditions, please refer to MOM's website: "]
[null,"https://www.mom.gov.sg/employment-practices/schemes-for-employers-and-employees/portable-medical-benefits"]
[]
[null,"In addition, if the company makes ad-hoc contributions to its employees' MediSave accounts (subject to a cap of $2,730 per employee per year), it will also enjoy the additional tax deduction beyond the 1% limit on the amount of ad-hoc MediSave contributions made, even if the company did not adopt any of the portable medical benefits arrangements, up to the overall medical expenses tax deduction limit of 2%. "]
[]
[null,"The amount of total remuneration includes employees’ salaries, allowances, bonuses, directors’ remuneration, CPF contributions deductible under the Central Provident Fund Act 1953, etc. It however excludes directors’ fees, medical expenses, cash allowances in lieu of medical expenses, benefits-in-kind, skills development levy (SDL) and foreign worker levy (FWL)."]
[]
[null,"Medical expenses include maternity health care, natal care, preventive and therapeutic treatment expenses, provision of a medical clinic by the employer, cash allowance in lieu of medical expenses, dental expenses, premium incurred on medical and dental insurance and contributions made by a company to the employees' CPF medisave accounts [subject to a maximum deduction of $2,730 for that year for each employee (does not include employees who are holding a professional visit pass, an employment pass or a work permit)]."]
[]
[]
[]
[]
[null,"NET PROFIT / (LOSS) BEFORE TAX AS PER FINANCIAL STATEMENTS"]
[]
[null,"For \"Net Loss\", please enter minus sign (-) in front of the loss figure.  E.g. if net loss is $690, enter \"-690\"."]
[]
[]
[]
[]
[null,"NET RENTAL INCOME"]
[]
[null,"If there is a net rental deficit, this deficit will be disregarded."]
[]
[]
[]
[]
[null,"NOT DEDUCTIBLE EXPENSES"]
[]
[null,"Generally, an expense will not be deductible if it is:\na)  prohibited under the Income Tax Act 1947;\nb)  capital in nature;\nc)  a contingent liability; or\nd) not solely incurred in the production of income."]
[]
[null,"For more information on what is deductible and what is not deductible, please refer to our website on:"]
[null,"\"Business Expenses\""]
[]
[]
[]
[]
[null,"TAX EXEMPTION"]
[]
[null,"a) Tax Exemption Scheme for New Start-up Companies"]
[null,"The qualifying conditions for the Tax Exemption Scheme for New Start-up Companies, including companies limited by guarantee*, are as follows:"]
[]
[null,"-  The company must be incorporated in Singapore;"]
[null,"-  The company must be a tax resident in Singapore for that YA;"]
[null,"-  The company's total share capital is beneficially held directly by no more than 20 shareholders throughout the basis period for that YA where:"]
[null,"    ¤ all of the shareholders are individuals; or"]
[null,"    ¤ at least one shareholder is an individual holding at least 10% of the issued ordinary shares of the company."]
[]
[null,"* Companies limited by guarantee must have members where:"]
[null,"- all of whom are individuals throughout the basis period for that YA; or"]
[null,"- at least one of whom is an individual throughout the basis period for that YA, and the contribution of that individual under the memorandum of association of the company to the assets of the company in the event of it being wound up, amounts to at least 10% of the total contributions of the members of the company throughout the basis period for that YA."]
[]
[null,"The following new start-up companies are not eligible for the Tax Exemption Scheme for New Start-Up Companies:"]
[null,"- A company which undertakes property development for sale, investment, or both; and"]
[null,"- A company whose principal activity is that of investment holding."]
[]
[null,"From YA 2020, tax exemption is granted on the first $200,000 of a qualifying company's normal chargeable income, where any of the first 3 YAs falls in or after YA 2020.  The exempt amount is\ncomputed as follows:"]
[null,"First  $100,000 @ 75%  = $  75,000"]
[null,"Next  $100,000 @ 50%  = $  50,000"]
[null,"Total $200,000                = $125,000"]
[]
[null,"The first YA of a qualifying company refers to the YA relating to the basis period during which the company is incorporated. For example, a company was incorporated on 15 Apr 2022 and its first set of accounts closed on 30 Jun 2023 (more than 12 months).  The company chooses to file Form C for YA 2024."]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"*The company will be able to complete the line items for 2 YAs (i.e. YA 2023 and YA 2024) in the YA 2024 Form C and the assessments will be raised based on the YA 2024 Form C submitted."]
[]
[null,"For more information, please refer to our website on:"]
[null,"“Tax Exemption Scheme for New Start-Up Companies”"]
[]
[null,"b) Partial Tax Exemption"]
[]
[null,"Companies that do not qualify for the Tax Exemption Scheme for New Start-up Companies will enjoy a partial tax exemption on the first $200,000 of their normal chargeable income for YA 2024."]
[]
[null,"The tax exemption for companies on chargeable income of up to $200,000 is as follows:"]
[null,"First  $  10,000 @ 75% =   $   7,500"]
[null,"Next  $190,000 @ 50% = $   95,000"]
[null,"Total $200,000               =  $102,500"]
[]
[]
[]
[]
[null,"UNUTILISED CAPITAL ALLOWANCES"]
[]
[null,"A company can use the unutilised capital allowances brought forward from previous YAs if they satisfy the following 2 conditions:\n\n(i) There is no substantial change in its ultimate shareholders and their shareholdings as at the relevant dates (known as the shareholding test);\n(ii) There is no change in the company's principal activities."]
[]
[null,"For more information on the shareholding test, please refer to our website on: "]
[null,"\"Qualifying Conditions for the Carry-Forward of Unutilised Items\""]
[]
[]
[]
[]
[null,"UNUTILISED DONATIONS"]
[]
[null,"Unutilised donations can be carried forward to be set-off against the income of the company for subsequent years, up to a maximum of 5 years. Any unutilised donations brought forward from YA 2018 and before will be disregarded in YA 2024."]
[]
[null,"A company can use the unutilised donations brought forward from previous YAs provided there is no substantial change in its ultimate shareholders and their shareholdings as at the relevant dates (known as the shareholding test)."]
[]
[null,"For more information on the shareholding test, please refer to our website on: "]
[null,"\"Qualifying Conditions for the Carry-Forward of Unutilised Items\""]
[]
[]
[]
[]
[null,"UNUTILISED LOSSES"]
[]
[null,"A company can use the unutilised losses brought forward from previous YAs provided there is no substantial change in its ultimate shareholders and their shareholdings as at the relevant dates (known as the shareholding test).  "]
[]
[null,"For more information on the shareholding test, please refer to our website on: "]
[null,"\"Qualifying Conditions for the Carry-Forward of Unutilised Items\""]