Financial year / Year of Assessment / Basis period
Different meaningsThe financial year is the accounting period; the basis period is the income period assigned to a tax assessment; the Year of Assessment is the tax year label.
Financial year
Use when
You mean the annual accounting period for which an organisation prepares its accounts.
Example
“The company's financial year ends on 30 June.”
Year of Assessment
Use when
You mean the year in which income is assessed to tax in Singapore.
Example
“Income earned in the financial year 2025 is generally assessed in YA 2026.”
Basis period
Use when
You mean the period of income and expenses used to calculate tax for a particular YA.
Example
“The basis period for YA 2026 is the company's financial year ending in 2025.”
Quick check
AY when YA is intended, YA used for the income-earning period, financial year and Year of Assessment given the same year without explanation
Usage note
In Singapore tax writing, use the exact form Year of Assessment and the abbreviation YA. Do not reverse the words or substitute AY.