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Your accounting year end in Singapore is the financial year end (FYE), the last day of your company's accounting period. You can pick any date. ACRA says the period is 12 months or 52 weeks, and the date sets your AGM, annual return and tax deadlines. This page was checked on .
What is the accounting year end?
ACRA calls the FYE the last day of the accounting period, the span your company uses to track income, expenses and profit. At the end of each period you report your transactions in financial statements.
| Accounting period | Start date | FYE, per ACRA's example |
|---|---|---|
| 12 months | 1 January | 31 December |
| 52 weeks | Wednesday, 1 January | Wednesday, 30 December |
The Singapore rule is flexible. The first financial year can run longer than 12 months, but ACRA requires its approval if a year is longer than 18 months.
Which date should you choose?
ACRA lists 31 March, 30 June, 30 September and 31 December as common dates. The right date for you comes from your business, not from a rule. Things to weigh:
- Quiet period. A date just after your busiest season gives the finance team time to close the books.
- Accountant workload. Many companies close on 31 December, so firms are busiest from January to April. A different date can get you more attention.
- Group alignment. A subsidiary usually matches its parent's year end.
- Cash planning. The date moves your tax and filing bills around the calendar.
- Incorporation timing. A first year that ends soon after registration means filing sooner than you expected. Check the first deadline when you incorporate.
IRAS says the company decides its year end. IRAS does not choose it for you.
What does the year end set?
| Filing | Deadline from FYE | If FYE is 30 June |
|---|---|---|
| ECI | 3 months | 30 September |
| AGM | 6 months | 30 December |
| Annual return | 7 months | 31 January |
| Tax return (Form C-S or C) | 30 November each year | 30 November |
ACRA's own table lists 30 June as the FYE with the AGM due 30 December and the annual return due 30 January for the next year. Months with 31 days make the date vary by a day, so use your Bizfile dates as the final check. See annual filing deadlines and the ECI page for more.
IRAS taxes the income of the financial year in the following Year of Assessment, so the year that ends in one calendar year is taxed in the next.
Can you change the year end?
Yes. You tell ACRA through Bizfile, and the fee is nil. The rules:
- you can change only the current or the immediately previous financial year;
- you cannot change it if you missed the deadline for the AGM, the annual return or sending the financial statements;
- ACRA approval is needed if the new year runs over 18 months, or you changed on or after and want to change again within five years.
When approval is not needed, Bizfile updates the change immediately. When it is needed, ACRA says to expect up to 14 working days, and a PDF explaining the reason must be uploaded. A position holder can file directly, or a corporate service provider can file for you. Both need Corppass; see Corppass.
What else moves when the year end moves?
- GST. IRAS says your GST accounting periods do not change by themselves. Write to IRAS through myTax Mail to ask for new periods that fit. See GST filing.
- IRAS. Update ACRA first. IRAS expects the Change of Financial Year End service to be used so the ECI notice follows the new date.
- Auditors and accountants. Tell them early, since engagement letters name the year end.
- Bank and lender covenants. Check for reporting dates in loan terms.
What mistakes cause trouble?
- Waiting until after a missed AGM, then finding the change is blocked.
- Changing the date to dodge a deadline. ACRA looks at repeat changes within five years.
- Forgetting that a long first year puts the first AGM and return further out, then missing the date.
- Leaving the bookkeeper on the old calendar.
Good bookkeeping makes any year end easier, because the close takes days, not weeks.
Independent guide
SingaporeCompanySetupGuide.com is not ACRA or IRAS and does not file anything for you. This page puts the official year end rules in one place. To hand the books and filings to a firm, use the form here and your request goes to accounting providers. They quote their own fees.
Sources
- ACRA, Choosing a company's financial year end, https://www.acra.gov.sg/how-to-guides/setting-up-a-local-company/deciding-on-a-financial-year-end (definition, any date, examples, change rules)
- ACRA, Updating changes to your financial year end, https://www.acra.gov.sg/manage/companies/updating-changes-to-your-financial-year-end/ (fee, approval time, steps)
- IRAS, Basic guide to corporate income tax for companies, https://www.iras.gov.sg/taxes/corporate-income-tax/basics-of-corporate-income-tax/basic-guide-to-corporate-income-tax-for-companies (basis period, ECI and Form C-S dates)
- IRAS, Changing GST accounting periods, https://www.iras.gov.sg/taxes/goods-services-tax-%28gst%29/other-services/changing-gst-accounting-periods (GST periods do not move automatically)
