{"id":5759,"date":"2020-08-04T11:51:56","date_gmt":"2020-08-04T03:51:56","guid":{"rendered":"http:\/\/www.biztreemgmt.com\/wordpress\/?p=5759"},"modified":"2022-02-24T21:47:32","modified_gmt":"2022-02-24T13:47:32","slug":"whatisfinancialyearend","status":"publish","type":"post","link":"http:\/\/www.biztreemgmt.com\/wordpress\/whatisfinancialyearend\/","title":{"rendered":"Significance of a Company\u2019s Financial Year End (FYE)"},"content":{"rendered":"\n<p>Financial statements provide a snapshot of company financial insight at the particular period  and it prepared based on the financial year end .<\/p>\n\n\n\n<p>Financial year end play important role in the following area : <\/p>\n\n\n\n<ul><li>Company Tax Exemption Planing <\/li><li>Company Decision Making  <\/li><li>Company structure reporting level   <\/li><li>Company statutory reporting compliance  <\/li><\/ul>\n\n\n\n<p><strong>FINANCIAL YEAR END IN COMPANY TAX EXEMPTION <\/strong><\/p>\n\n\n\n<p> All profit generated by Company is subject to company tax . (17%) . <\/p>\n\n\n\n<p>In Singapore , all newly setup company is granted for tax exemption for the 1st 100k chargeable income for the period of  first 3 consecutive years .<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>IMPORTANT : to enjoy the COMPANY TAX EXEMPTION for the first 3 consecutive years, company is advise to have 12 months accounting year end.<\/p><\/blockquote>\n\n\n\n<p><strong>FINANCIAL YEAR END IN DECISION MAKING <\/strong><\/p>\n\n\n\n<p>Presentation of financial statement will help management to judge company financial insight .<\/p>\n\n\n\n<p>It ease the management to decide  : <\/p>\n\n\n\n<ul><li>budget control <\/li><li>control and manage operation cost within targeting period <\/li><li>planning for the company future <strong><em> <\/em><\/strong><\/li><\/ul>\n\n\n\n<p>Company allowed change in financial year end subject to ACRA approval.<\/p>\n\n\n\n<p><strong>FINANCIAL YEAR END IN COMPANY STRUCTURE <\/strong><\/p>\n\n\n\n<p>It is important for a group companies to have same financial year end  . So easy to consolidate the whole set of account for better reporting and control.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>FINANCIAL YEAR END IN COMPLIANCE FILING DUE DATE <\/strong><\/p>\n\n\n\n<p>Reporting with ACRA  <\/p>\n\n\n\n<ul><li>every company is required to hold AGM within 6 months from the financial year end date <\/li><li>every company is required to file annual return with in 7 months from the financial year end date <\/li><\/ul>\n\n\n\n<p>Reporting with IRAS <\/p>\n\n\n\n<p>Company is required to file ECI within 3 months from the financial year end <\/p>\n\n\n\n<p>Related Article : <a href=\"http:\/\/www.biztreemgmt.com\/wordpress\/how-to-fixed-accounting-year-end\/\">How to fixed Financial Year End <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Financial statements provide a snapshot of company financial insight at the particular period and it prepared based on the financial year end . Financial year end play important role in the following area : Company Tax Exemption Planing Company Decision Making Company structure reporting level Company statutory reporting compliance FINANCIAL YEAR END IN COMPANY TAX<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[165,269],"tags":[213,175,368],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Significance of a Company\u2019s Financial Year End<\/title>\n<meta name=\"description\" content=\"Financial statements provide a snapshot of company financial insight at the particular period and it prepared based on the financial year end .\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.biztreemgmt.com\/wordpress\/whatisfinancialyearend\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Significance of a Company\u2019s Financial Year End\" \/>\n<meta property=\"og:description\" content=\"Financial statements provide a snapshot of company financial insight at the particular period and it prepared based on the financial year end .\" \/>\n<meta property=\"og:url\" content=\"http:\/\/www.biztreemgmt.com\/wordpress\/whatisfinancialyearend\/\" \/>\n<meta property=\"og:site_name\" content=\"Biztree Management\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-04T03:51:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-24T13:47:32+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Organization\",\"@id\":\"http:\/\/www.biztreemgmt.com\/wordpress\/#organization\",\"name\":\"biztree management pte ltd\",\"url\":\"http:\/\/www.biztreemgmt.com\/wordpress\/\",\"sameAs\":[],\"logo\":{\"@type\":\"ImageObject\",\"@id\":\"http:\/\/www.biztreemgmt.com\/wordpress\/#logo\",\"inLanguage\":\"en-US\",\"url\":\"http:\/\/www.biztreemgmt.com\/wordpress\/wp-content\/uploads\/2022\/02\/BizTree_Logo_200.png\",\"contentUrl\":\"http:\/\/www.biztreemgmt.com\/wordpress\/wp-content\/uploads\/2022\/02\/BizTree_Logo_200.png\",\"width\":200,\"height\":200,\"caption\":\"biztree management pte ltd\"},\"image\":{\"@id\":\"http:\/\/www.biztreemgmt.com\/wordpress\/#logo\"}},{\"@type\":\"WebSite\",\"@id\":\"http:\/\/www.biztreemgmt.com\/wordpress\/#website\",\"url\":\"http:\/\/www.biztreemgmt.com\/wordpress\/\",\"name\":\"Biztree Management\",\"description\":\"Got question ? 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