What financial year end should my company choose?
Choose a year end that leaves time to prepare the first financial statements within 18 months of incorporation. That preparation deadline is different from the year-end date itself. Later statements are prepared within six months of year end. Tax filing, audit and circulation deadlines should be planned together with your accountant and secretary.
Also asked as: FYE selection; financial year end best month; tahun kewangan syarikat; year end 31 december or june.
Seasonality and the availability of your accountant or auditor can influence the choice. Changes to the accounting period can affect tax estimates and filing deadlines, so check the required notifications before making a change.
Key facts
- First statements: prepare within 18 months of incorporation
- Subsequent preparation: within six months of year end
- Coordinate tax, circulation and lodgement deadlines