Fiscal year
Learn what a fiscal year is, how to choose your financial year end, and which Singapore deadlines it sets.
Published Wednesday 30 September 2026
Table of contents
Key takeaways
- A fiscal year, also called a financial year, is the 12-month or 52-week period your company uses for its accounts and tax reporting
- Singapore taxes companies on a preceding-year basis, so income from your financial year is assessed in the following Year of Assessment
- Your financial year end sets the timing of your key tax and company filing deadlines
- You can pick any date as your financial year end and change it later, as long as you follow the company registrar’s rules
What is a fiscal year?
A fiscal year is the 12-month period your company uses to prepare its accounts and report its tax. It’s also called a financial year, and it can start on any date you choose.
Fiscal years are usually named by the year they end in. A year running from 1 April 2025 to 31 March 2026 is FY2026.
Say you run a café with a financial year end (FYE) of 31 March. Your books close after the year-end festive season and Chinese New Year trade, so a full year of peak sales sits in one set of accounts.
Why your fiscal year matters
Every transaction you record falls into one fiscal year, whether you use cash or accrual basis accounting. That fixed window shapes much of how you run your company. Your fiscal year:
- sets the period your annual financial statements cover
- drives your tax filing, including Form C-S for corporate income tax and your goods and services tax (GST) returns
- gives you fixed start and end dates for your budget
- lets you compare results year on year, because each period covers the same months
- aligns your year end with your seasons, so you close the books after peak trading
Fiscal year vs calendar year vs Year of Assessment
Singapore businesses deal with three kinds of year, and they often cover different dates. Here’s how they compare:
- A calendar year always runs from 1 January to 31 December
- A fiscal year is the 12-month or 52-week period your company picks for its accounts
- A Year of Assessment (YA) is the year in which the Inland Revenue Authority of Singapore (IRAS) assesses your income
Singapore taxes companies on a preceding-year basis. The income you earn in your financial year, called the basis period, is taxed in the following YA, as explained in the IRAS basic guide to corporate income tax. For example, income from a financial year ending in 2025 is assessed in YA 2026.
Fiscal quarters: Q1, Q2, Q3 and Q4
Your fiscal year splits into four quarters of roughly three months each. The quarter dates follow your FYE, so with a 31 March FYE they look like this:
- Q1 covers April–June
- Q2 covers July–September
- Q3 covers October–December
- Q4 covers January–March
Quarters give you regular checkpoints for setting targets and reviewing performance. If you’re GST-registered, you’ll usually file a GST F5 return each quarter, within one month of the end of the accounting period.
How to choose your financial year end
The Accounting and Corporate Regulatory Authority (ACRA) lets you pick any date as your FYE, with an accounting period of 12 months or 52 weeks. According to ACRA’s guide to choosing a financial year end, common choices are 31 March, 30 June, 30 September and 31 December.
The decision sits with your company, since IRAS works from whatever FYE you set. Weigh these factors when you pick a date:
- Your revenue cycle, so the year closes after your peak season
- Norms in your industry, which make it easier to benchmark against similar businesses
- Your cash position at year end, when you’ll want funds ready for tax and filing costs
- The workload for you and your accountant, so year-end tasks land in a quieter month
How your FYE sets AGM and annual return deadlines
Your FYE starts the clock on two ACRA deadlines. A private company holds its annual general meeting (AGM) within six months of its FYE, under ACRA’s AGM due dates, and files its annual return (AR) within seven months, according to ACRA’s annual return deadlines.
If your company keeps a branch register outside Singapore, you have eight months to file your AR. Here’s how the standard deadlines work for two common year ends:
- An FYE of 31 December 2025 means holding your AGM by 30 June 2026 and filing your AR by 31 July 2026
- An FYE of 30 June 2025 means holding your AGM by 30 December 2025 and filing your AR by 30 January 2026
How your fiscal year works with corporate income tax
Your fiscal year decides which YA your profits fall into. The basis period is generally the 12 months before the YA, which for most companies is their financial year.
IRAS taxes company profits at a flat 17%. For YA 2026, which covers financial years ending in 2025, the Corporate Income Tax (CIT) Rebate is 50% of tax payable, according to IRAS’s page on tax rates and rebates. Eligible active companies that employed at least one local employee in 2025 also get a $2,000 CIT Rebate Cash Grant, and the rebate and grant together are capped at $40,000.
For a new company, the first YA depends on the FYE you choose and when you close your first set of accounts. If those first accounts cover more than 12 months, the profits are split across two YAs, because a basis period generally can’t exceed 12 months.
Key deadlines tied to your fiscal year
Most of your compliance dates follow from your FYE, with one fixed date each year for your tax return. Keep these on your calendar:
- Estimated chargeable income (ECI) within three months of your FYE, unless your company qualifies for the ECI filing waiver
- Form C-S, Form C-S (Lite) or Form C by 30 November each year
- GST F5 returns within one month after each accounting period
- AGM within six months and AR within seven months of your FYE, for private companies
- Business records for at least five years from the relevant YA, under the IRAS record-keeping requirements
These dates are easier to meet when you record your transactions as they happen, because your year-end accounts are then close to ready. If you file Form C-S or Form C late, or skip it, IRAS may issue an estimated assessment and offer a composition amount of up to $5,000 per offence.
Changing your financial year end
You change your FYE by notifying ACRA through BizFile+, and IRAS then updates its records. Under ACRA’s rules for updating your FYE, you can change only the current or previous financial year, and only if your AGM, AR and financial statement filings are up to date.
You’ll need ACRA’s approval in two situations:
- The new financial year would run longer than 18 months
- You changed your FYE on or after 31 August 2018 and want to change it again within five years
A new year end also moves the months when tax and filing costs land. Update your cash flow forecast so you know the funds will be there when those bills arrive.
Simplify your year-end reporting with Xero
Xero bank feeds bring your transactions in automatically, and reconciliation keeps your books current all year. When your FYE arrives, you can run financial reports for any period you need, including a single quarter or a 52-week year.
Share your books with your accountant online so year-end filing takes less back and forth. Sign up today to get one month free and have your accounts ready when your FYE comes round.
FAQs on fiscal year
Here are quick answers to common questions about fiscal years in Singapore.
What is the difference between a fiscal year and a Year of Assessment?
Your fiscal year is when your company earns its income, and the YA is the following year, when IRAS assesses that income. A fiscal year ending 31 March 2026 falls into YA 2027.
Can a fiscal year be 52 weeks instead of 12 months?
Yes. ACRA allows 52-week accounting periods, which suit businesses that like each year to end on the same day of the week.
Does IRAS decide my company’s financial year end?
No. Your company decides its own FYE, and any change goes to ACRA through BizFile+ rather than to IRAS.
How is a new company’s first Year of Assessment worked out?
It’s the YA linked to the basis period in which your company was incorporated, so it depends on your FYE and when your first accounts close. A company incorporated in March 2025 with a 31 December FYE has a first basis period ending 31 December 2025 and a first YA of 2026.
Do I need to file Form C-S if my company made a loss?
Yes. You still file Form C-S by 30 November in a loss-making year, unless IRAS has granted your company a waiver.
Related terms
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Disclaimer
This glossary is for small business owners. The definitions are written with their requirements in mind. More detailed definitions can be found in accounting textbooks or from an accounting professional. Xero does not provide accounting, tax, business or legal advice.