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(1) The year of assessment for a person is the calendar year.

(2) The basis period of a person is,

(a) in the case of an individual or a partnership, the calendar year; and

(b) in the case of a company or a trust, the accounting year of the company or the trust.

(3) The Commissioner-General may, on application by a trust or company, approve a change of the accounting year of the trust or company on the terms and conditions that the Commissioner-General may approve.

(4) The Commissioner-General may revoke an approval granted under subsection (3) if the trust or company fails to comply with a condition attached to the approval.

(5) A change in the accounting year of a trust or company alters the time at which the trust or company is required to pay tax by instalments and on assessment under Part VIII.