Financial Year End

Please take note of the following dates and processes for your company's financial year end:

Financial year end

Three weeks before financial year end, Harvest will send a reminder checklist from Karbon. Common requests include:

• Accruals - Have you signed contracts for any services during the financial year, that have not yet been invoiced?

• Income in advance - Have you invoiced any customers for work not yet completed during the financial year end?

• Leases - Have you entered into any new lease agreements this financial year?

• Loan Schedules - loan agreements / schedules showing the amount outstanding as at financial year end date.

• CPF Statements - CPF statements for the full year.

• IRAS Letters / Advice - IRAS correspondence for items such as JSS / WCS / JGI if not provided previously.

Please check off the tasks to acknowledge they have been completed to trigger a notification for our team to commence closing.

If you've been with us for monthly / quarterly accounting it's likely we will have most documents already, and the checklist will be shorter. If we know that your accounts will not contain certain items, we'll remove them from the list so you'll only need to check items relevant to your company.

Once our team has processed the documents they will send a follow up task requesting any missing items.

When further documents are received, we will clear the items accordingly in order to finalise the unaudited financial statements and tax computation.

Timeline

ECI

We will review the company management reports to determine if Estimated Chargeable Income (ECI) needs to be filed, and prepare and file the estimate three months after financial year end.

Your company does not need to file ECI in any Year of Assessment (YA) when both criteria are met:

1. Annual revenue is $5 million or below for the financial year; and

2. ECI is nil for the YA. The ECI should be the amount before deducting the exempt amount under the partial tax exemption scheme or the tax exemption scheme for new start-up companies.

Unaudited Financial Statements and Tax Computation

We will aim to send the completed unaudited financial statements and tax computation by latest five months after financial year end.

Signing will be executed electronically via Pandadoc.

Annual Return

If Harvest Accounting is also your corporate secretary, we will file your annual return seven months after financial year end. If we are not your corporate secretary, you will will need to send a copy of the unaudited financial statements to your own corporate secretary.

Annual documents and declarations will be sent for signing electronically.

Tax Filing form c / form c-s

Form C / Form C-S must be filed by 30 November for the relevant Year of Assessment (YA). The filing due date of 30 November provides companies with at least 11 months to file from the time of closing of the accounts, but non-December FYE clients may have up to 22 months to file.

Examples:

• Financial Year End 31 Mar 2021 / Year of Assessment YA 2022 -> Filing Date for YA2022: 30 Nov 2022

• Financial Year End 31 Dec 2021 / Year of Assessment YA 2022 -> Filing Date for YA2021: 30 Nov 2022

• Financial Year End 31 Mar 2022 / Year of Assessment YA 2023 -> Filing Date for YA2022: 30 Nov 2023

Workflow: Monthly Accounting | Financial Year End | Staff Expense Claims| Corporate Secretary

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