Depository Agents Holding Ascott Residence Trust (“Ascott Reit”) Units On Behalf Of Beneficial Owners Who Are Individuals, Foreign Non-Individuals Or Exempt Non-corporate Unitholder
Which Distributions Are Eligible For Refund?
The tax refund relates to distribution periods commencing on or after 1 January 2004. In the case of beneficial owners who are Foreign Non-Individuals, the tax refund applies to distributions received during the period from 18 February 2005 to 31 March 2020. The tax refund is subject to the time limit as stated below.
Time limit for claim of refund
Every claim of refund must be made to IRAS within 4 years from the end of the year of assessment to which the claim relates.
For example, for claim of refund in respect of distribution made by Ascott Reit for the period from 1 January 2010 to 30 June 2010 and 1 July 2010 to 31 December 2010 (which relates to the year of assessment 2011), the claim must be submitted to the IRAS on or before 31 December 2015.
Unitholders and the Depository Agents must ensure that the relevant Forms are submitted on a timely basis to allow the Trustee of Ascott Reit to make the refund claim within the prescribed time limit. The IRAS will not process any claim that is out of time.
How To Make A Claim?
Is Identification (ID) Number Required On The Declaration Form?
Yes, ID numbers such as Singapore NRIC number, passport number or foreign ID numbers are required for Individuals who hold their Units through Depository Agents.
When Do We Submit Form R2?
You may submit the Form and accompanying SITCs to Boardroom Corporate & Advisory Services Pte Ltd at any time.
Will An Amended Tax Certificate Be Issued For The Refund?
Ascott Residence Trust Management Limited will issue a letter together with the cheque for the refund amount to the Depository Agents. This letter will serve as evidence that the tax refunds have been made.
When Will We Receive The Tax Refund On The Behalf Of The Beneficial Owners?
The tax refund will be paid to Depository Agents upon receipt of the tax refund from IRAS by the Trustee of Ascott Reit. You can then proceed to make refunds to your respective beneficial owners.
Click here to download Circular to Depository Agents.
Click here to download Form R2.