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Selected mapping (SLM) scheme with non-unit magnitude phase factor is developed for the peak-to-average power ratio (PAPR) reduction of the orthogonal frequency division multiplexing (OFDM) system. A new low-complexity version of SLM is introduced, which employs the shifting time-domain signal combination technique to generate new candidates. Unlike the conventional SLM scheme, which needs several inverse fast Fourier transform (IFFT) operations for an OFDM signal, the proposed scheme requires to implement one IFFT operation only. Thus, it can significantly decrease the computational complexity. The simulation results show that the proposed scheme can obtain slightly poorer PAPR reduction performance than the conventional SLM scheme with the same number of candidates.