Chapter 2: Formation, Administration and Dissolution of Companies
Part C: Transparency, accountability and integrity of companies

s27: Financial year of company

  • (1) A company must have a financial year, ending on a date set out in the company's Notice of Incorporation, subject to any change made in terms of subsection (4).
    • (2) The first financial year of a company:
      • (a) begins on the date that the incorporation of the company is registered, as stated in its registration certificate; and
        • (b) ends on the date set out in the Notice of Incorporation, which may not be more than 15 months after the date contemplated in paragraph (a).
        • (3) The second and each subsequent financial year of a company:
          • (a) begins when the preceding financial year ends; and
            • (b) ends on the first anniversary of the date contemplated in paragraph (a), unless the financial year end has been changed as contemplated in subsection (4).
            • (4) The board of a company may change its financial year end at any time, by filing a notice of that change, but:
              • (a) it may not do so more than once during any financial year;
                • (b) the newly established financial year end must be later than the date on which the notice is filed; and
                  • (c) the date as changed may not result in a financial year ending more than 15 months after the end of the preceding financial year.
                  • (5) Despite subsection (2)(b) or (3), the financial year of a company that has changed the date contemplated in subsection (1) ends on the date as changed.
                    • (6) Subsection (6) by section 18 of the Amendment Act 3 of 2011.
                      • (7) The financial year of the company is its annual accounting period.

                        Related Sections

                        No related sections.

                        Related Regulations

                        R25: Company financial year and accounting records

                        Related Notes

                        Guidance Note 1 of 2012: Change of financial year end

                        Related Forms

                        CoR25: Notice of Change of Financial year end