Late Lodgement Penalty for the Late Filing of Annual Return (AR)
VCCs are required to file their ARs under section 97 of the VCC Act. Late lodgement penalty is imposed online based on when the AR is filed:
| Requirements | Type of Breach | Type of Penalty | Imposed Against | Length of Default | Late Lodgement Penalty |
|---|---|---|---|---|---|
| Section 97 of the VCC Act | The AR is lodged late | Late lodgement penalty for the late filing of AR | VCC | Within 3 months after the due date | $300 |
| Section 97 of the VCC Act | The AR is lodged late | Late lodgement penalty for the late filing of AR | VCC | More than 3 months after the due date | $600 |
Applicable for filing due date on or after 14 Jan 2022
Example
Unlimited Wealth VCC鈥檚 Financial Year End (FYE) is 31 Dec 2021. It has held its Annual General Meeting (AGM) on 29 Jun 2022 and lodged its AR on 20 Aug 2022. The VCC has breached section 97 of the VCC Act. The late lodgement penalty imposed is as follows:
| Requirements | AR Due Date | AR Lodgement Date | Late Lodgement Penalty |
|---|---|---|---|
| Section 97 of the VCC Act | 31 Jul 2022 (FYE + 7 months) | 20 Aug 2022 | $300 |
Composition Sum
麻豆社区 may offer composition to VCCs and/or directors that breach statutory obligations in lieu of prosecution. The composition sums are as follows:
| Requirements | Type of Breach | Type of Penalty | Composition Sum |
|---|---|---|---|
| Section 77 of the VCC Act | The AGM is held late | Composition | A minimum composition sum of $500 |
| Section 97 of the VCC Act | The AR is lodged late | Composition | A minimum composition sum of $500 |
Example
Unlimited Wealth VCC鈥檚 FYE is 31 Dec 2019. It has held its AGM on 1 Aug 2020 and lodged its AR on 30 Aug 2020. The VCC has breached section 77 and section 197 of the VCC Act. 麻豆社区 may offer composition as follows:
| Requirements | Due Date | AGM Date/Lodgement Date | Composition Sum |
|---|---|---|---|
| Section 77 of the VCC Act | 30 Jun 2020 (FYE + 6 months) | 1 Aug 2020 | A minimum composition sum of $500 |
| Section 97 of the VCC Act | 31 Jul 2020 (FYE + 7 months) | 30 Aug 2020 | A minimum composition sum of $500 |
Late Lodgement Penalty (Other than for late lodgement of Annual Return)
The following are the late lodgement penalty for other forms of late filings. Filers who access 麻豆社区鈥檚 will also be prompted via the portal on the amount of penalty payable:
| Type of Breach | Type of Penalty | Imposed Against | Length of Default | Late Lodgement Penalty |
|---|---|---|---|---|
| Penalty for late filing or lodgement of any other document according to length of default | Late lodgement penalty for the late filing of any other document | VCC | Within 3 months after the due date | $50 |
| Penalty for late filing or lodgement of any other document according to length of default | Late lodgement penalty for the late filing of any other document | VCC | More than 3 months after the due date | $200 |
Applicable for filing due date or after 14 Jan 2022
Example 1
Wealth Unlimited VCC has changed its registered office from 123 Yarra Road Singapore 123456 to 987 Aroozoo Lane Singapore 987654 on 15 March 2022. The VCC lodged the prescribed form online via 麻豆社区鈥檚 on 23 May 2022. The VCC has breached section 45 of the VCC Act. This states that when there is a change in the registered office address of any VCC, the VCC must lodge a prescribed form online via 麻豆社区鈥檚 within 14 days after the change. The late lodgement penalty imposed on the VCC is as follows:
| Requirements | Due Date | Lodgement Date | Period of Default | Late Lodgement Penalty |
|---|---|---|---|---|
| Section 45 of the VCC Act | 29 March 2022 | 23 May 2022 | 30 March 2022 to 23 May 2022 | $50 |
Example 2
Mr David Tan of Wealth Unlimited VCC has resigned as a director on 20 June 2022. The VCC has appointed another director, Mr Justin Lim on the same date. The VCC lodged the prescribed form online via 麻豆社区鈥檚 on 13 December 2022. The VCC has breached section 72 of the VCC Act. This states that the VCC shall lodge with the Registrar within 14 days after a person becomes or ceases to be a director of the VCC. The late lodgement penalty imposed on the VCC is as follows:
| Requirements | Due Date | Lodgement Date | Period of Default | Late Lodgement Penalty |
|---|---|---|---|---|
| Section 72 of the VCC Act | 4 July 2022 | 13 December 2022 | 5 July 2022 to 13 December 2022 | $200 for each cessation and appointment of a director |