Playbook: Change the financial year end (FYE)

When you meet it

A client wants to align its financial year with a parent company, move away from a December year end for tax or operational reasons, or fix an FYE that was set wrongly at incorporation. Any change to the date the company's financial year ends is an FYE change — and because so many deadlines are computed from it, it has to be handled carefully.

Legal basis

This provision comes from CorpSec AI's verified citation table; this is general information, not legal advice.

• Notify ACRA of the change: under section 198 of the Companies Act 1967, a company must notify ACRA of a change of financial year end. A financial year must be at least 6 and not more than 18 months. ACRA's approval is required if the new financial year would exceed 18 months, or if the FYE was changed within the last 5 years. The precise approval sub-clause is to be confirmed by counsel. [Needs counsel]
• Knock-on to the AGM: the AGM exemption window runs from the FYE — under section 175A of the Companies Act 1967, financial statements must be sent to members within 5 months of the FYE for the exemption to apply. Change the FYE and this window moves. [Verified]
• Knock-on to the annual return: the annual-return deadline is computed from the FYE. This playbook does not assert a fixed number of days for the AR window — that figure is to be confirmed by counsel — but changing the FYE re-bases it.

Before you start — prerequisites, materials & parties

• Prerequisites: the client's CDD is passed; the current FYE and the date of any FYE change in the last 5 years are on record; and a clear reason for the change (alignment, tax, correction).
• Materials: the proposed new FYE, a check of whether the resulting financial period falls within 6–18 months, and confirmation whether ACRA approval is triggered (period >18 months, or a change within the last 5 years).
• Parties: the directors (who resolve on the change if the constitution/practice requires), the company's accountant/auditor (the new period affects the accounts), and ACRA (notified, and approving where required).

The standard steps

• Confirm the proposed new FYE and that the resulting financial period is at least 6 and not more than 18 months.
• Check whether ACRA approval is triggered — the new financial year exceeding 18 months, or a change of FYE within the last 5 years.
• Where needed, resolve the change internally and prepare the ACRA notification (and approval request where required).
• Notify ACRA of the change (section 198), and obtain approval first where it is required.
• Re-compute the AGM/exemption window and the annual-return deadline from the new FYE, and update the compliance calendar and the accountant.

Common pitfalls & edge cases

• Assuming no approval is needed. The two approval triggers — a period over 18 months, or a change within the last 5 years — are easy to miss. A company that changed its FYE recently cannot freely change it again without ACRA approval. Check the 5-year history first.
• Breaching the 6–18 month limits. A financial year must be at least 6 and not more than 18 months. A proposed change that produces a 19-month or 4-month period is out of bounds (the 18-month case needs approval; the short case needs care).
• Forgetting the downstream re-computation. The biggest practical trap: changing the FYE but leaving the old AGM and annual-return dates in place. Both compute from the FYE — re-base them, or a filing will be timed to the wrong date.
• Changing the FYE to dodge a looming deadline. Moving the FYE does not retroactively cure an already-overdue AR or AGM. Deal with the outstanding filing on its own terms.
• Auditor / accounts mismatch. A longer or shorter financial period changes the accounting period the auditor reports on. Coordinate with the accountant so the statements match the new period.
• Notifying without approval where approval was required. Where approval is triggered, notification alone is not enough — the approval must be in hand. Confirm the sub-clause with counsel where in doubt.

Timing & sequence

• Confirm the new FYE within 6–18 months → check the approval triggers → obtain ACRA approval first if required → notify ACRA of the change → re-compute the AGM and annual-return dates from the new FYE.
• The section 175A circulation window (5 months) is the verified downstream figure. The annual-return deadline recomputes from the new FYE, but this playbook does not assert a fixed number of days — confirm with counsel.
• If approval is required, it comes before notification takes effect — do not treat notification and approval as the same step.

In CorpSec AI

1. Create the taskOpen + New task, choose the company, and pick the FYE-change task type. Enter the proposed new FYE.
2. Check the limits and approval triggersCorpSec AI flags whether the resulting period is within 6–18 months and whether an approval trigger (over 18 months, or a change within 5 years) appears to apply — to be confirmed by counsel.
3. Draft the notification / resolutionThe AI drafts the internal resolution and the ACRA notification (and approval request where required) in the Document tab. Adjust by selecting text and commenting.
4. Notify ACRAThe filing step records the notification of the FYE change to ACRA (and the approval where required). Live BizFile submission is on the roadmap.
5. Re-compute the calendarRecord the new FYE against the company so the Calendar re-computes the AGM/exemption window and the annual-return deadline from it. The history sits in the Activity log.