CHANGE IN FINANCIAL YEAR END

A close corporation’s financial year end may be changed, should the following requirements be met:

• A close corporation may only change its financial year end once during a particular financial year.
•  A close corporation may not choose a financial year end that will result in the total financial year being more than 15 months.
• A close corporation may choose to shorten its financial year in which instance there is no minimum applicable.
• The new year end must be later than the date on which the notice is filed.
• The current financial year end must not have ended.

Prinsloo Wright Inc’s services:

• Ascertain whether the new year end date chosen is acceptable with CIPC
• Make the relevant change on your behalf
• Furnish you with confirmation of the relevant change

Please note that you will also need to amend your Financial Year End with SARS once approved by CIPC.