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CANCELLING GST REGISTRATION

If you are stopping all taxable activities you must let IRD know you are cancelling your GST Registration. If your taxable supplies for the next 12 months will be less than $60,000, you may choose to cancel your registration. You need to complete your GST Return and include all taxable supplies made and received from the beginning of the taxable period to the date you cease.

If you are keeping your assets after cancelling your registration you'll have to make an adjustment in Box 9 of your return. This includes any assets acquired before GST was introduced.

	for retained assets acquired after GST was introduced (1 October 1986) output tax will be calculated on the open market value
	for retained assets acquired before GST was introduced, output tax will be calculated on the lesser of, open market value or cost.

This adjustment applies both to those assets kept for use in another business and to those kept for private use. If your business has stopped before you cancel your registration, you must make sure you have accounted for GST on all money owed to you by debtors and all money you owe to creditors.

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If you are keeping your assets after cancelling your registration you'll have to make an adjustment in Box 9 of your return. This includes any assets acquired before GST was introduced.

for retained assets acquired after GST was introduced (1 October 1986) output tax will be calculated on the open market value

for retained assets acquired before GST was introduced, output tax will be calculated on the lesser of, open market value or cost.

This adjustment applies both to those assets kept for use in another business and to those kept for private use. If your business has stopped before you cancel your registration, you must make sure you have accounted for GST on all money owed to you by debtors and all money you owe to creditors.