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Change in accounting year-end for company?

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aster
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Change in accounting year-end for company?

Postby aster » Thu, 16 Jun 2011 9:23 pm

Does notification of this have to be done before the current FY ends, or can the change still be done (soon) afterwards?

Say if end of FY was April 30, 2011. If the decision is made to make the FY end on Dec 31, can it still be done now by extending the FY to Dec 31, 2011, basically making it May 1, 2010 - Dec 31, 2011 (instead of April 30, 2011)?

Or would it have to be done during the next FY so May 1, 2011 - Dec 31, 2012?

kuzyone.
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Postby kuzyone. » Fri, 24 Jun 2011 9:20 pm

^^ It appears you can do it without too much trouble. You can submit the financial accounting year, however will need two separate sets of tax computations based on two years of assessment. http://www.iras.gov.sg/irasHome/page.aspx?id=1388

You have three months following your existing year end to file your estimated chargeable income. You then have until the end of November to file for tax.

Annual meetings are required within 15 months of the last AGM, so if you had it in March typically June is the latest you can go in the subsequent year. Typically my clients will start to question if they need an extension after six months of their year end because of this.

To file for extension I believe it is $50 for the first month, $100 for two. I'm sure they charge more the longer you take.

All that said, to avoid issues, I would notify them within the first six months of your prior year end (of the change in financial year). If your company is a partnership or sole proprietorship you don't need an AGM. So you will likely need to notify them before the November tax filing date in this case.


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