Your final GST return must include all taxable goods and services from the beginning of the taxable period to the date of the GST cancellation.
If you have a myIR account and file your returns online, you can cancel your GST registration when you file your final GST return.
Keeping your assets
If you're keeping your assets after cancelling your registration you'll have to make an adjustment in Box 9 on your GST return. This adjustment applies to:
- assets kept for use in another business, and
- assets kept for private use.
This includes any assets acquired before GST was introduced (1 October 1986).
The kept asset doesn't need to be included in your final GST return if it was used principally for private purposes and adjustments were made for the business use.
Calculating kept assets
Kept assets acquired after 1 October 1986
The amount of the adjustment for assets you'll keep and acquired after 1 October 1986 will be calculated as 3/23's of the open (current) market value. The open (current) market value is the value of an asset if offered for sale today.
You must return the GST on the (open market) value of the asset regardless of your accounting basis.
Jason is a registered person who runs a taxi business. He retired on 30 November 2010 and kept his taxi for personal use. The value of the taxi is based on current market value ($11,500).
In his final GST return Jason included 3/23's of $11,500 ($1,500.00) in the total adjustments section on his GST return.
Kept assets acquired before 1 October 1986
The amount of the adjustment for assets you'll keep and acquired before 1 October 1986 will be calculated on the lower of the open (current) market value or cost price.
Find out more
Date published: 31 Aug 2012
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