Corporate Secretary Accounting

Financial Calendar 101

You’ve probably heard the laments of meeting compliance deadlines. To save you from the anxieties of last minute work, we've compiled a financial guide highlighting the important dates to save to your calendar. 

At a glance, here is the the timeline for a typical company. This assumes their Financial Year End (FYE) is 31st December.

FYE 01

 

Estimated Chargeable Income (ECI)

When: 3 months after FYE

The Inland Revenue Authority of Singapore (IRAS) requires an estimate of a company’s taxable income for the Year of Assessment (YA).

Here's what you need to provide:

  • Taxable income
  • Revenue

Click here to check if your company is exempted from filing an ECI

Annual General Meeting (AGM)

When:  Within 6 months after FYE

AGM’s are critical for keeping your shareholders informed on your business operations.

What you need to prepare: 

  • Financial Statements

Note: The AGM notice needs to be disseminated to shareholders at least 14 days before the meeting itself.

FYE 02-01

Annual Return

When: 7 months (if not listed) after FYE 

The annual return is an electronic form that needs to be lodged with ACRA. It contains important particulars about the company, and must include:

  • Particulars of Directors, and the Corporate Secretary
  • Registered Address
  • Shareholder (s) Details
  • Date of AGM
  • Financial Statements
  • Information on where the register of controllers and nominee directors are kept
  • Financial Statements in XBRL Format (if required) 

Chargeable Income

Depending on how you choose to file your tax return, there are two important dates to take note

  • Paper Filing: 30 November 
  • Electronic Filing: 15 December

While the ECI is an estimate of your projected income, you’ll still have to declare your company's actual income.  And unlike the ECI, all companies are required to file even if they are making losses. Please also note that IRAS will be phasing out paper filing by YA 2020. (Let us know if you'd like us to help digitalise your accounting.)

Goods and Services Tax

Depending on the revenue your business is expecting, you may need to file for GST. GST will apply if your business turnover is more than $1Million in the past 12 months, or if you expect the turnover to exceed $1Million. 

IRAS will drop a notification if you are required to file for GST. Subsequently, you'll have to be registered for GST within 30 days of the notification.

If you’re still unsure about the requirements and specifics of preparing for these milestones, drop us a message!

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