Skip to Content
MenuClose

myIR, payments and more

Closing down your business
A transcript of the Closing down your business video

Visual:

Inland Revenue's logo appears. Next, the title of the video "Closing your business" appears.

Audio:

"Closing down your business?"


Visual:

A white work van with the sign “Scott’s Delivery” on the side drives along the road.

Audio:

"You’ll need to finalise your taxes. Please call us. We can help you through the process."


Visual:

The scene changes to Scott’s office, where the same “Scott’s Delivery” sign is on the wall above the desk. On the desk is his phone, his computer and a pile of business records. Scott’s cat, Tom, is also in the office. Scott picks up the phone off the desk to call us.

Audio:

"Meet Scott. After many years in business, he’s calling it a day. He rings to tell us what’s happening."


Visual:

While Scott is talking on the phone, a GST registration form appears on screen. The GST registration form is crossed out and reappears on the computer screen. When Scott has filed his final return, the form disappears from the computer screen.

Audio:

"We cancel his GST registration, and Scott files a final return, accounting for the shop computer he’s kept for himself."


Visual

The words “employer monthly schedule” appear on the screen. The “Scott’s Delivery” sign fades out, showing that Scott’s business is closed. Tom, the cat, flicks his tail.

Audio:

"Scott’s already filed his final employer monthly schedule showing the end dates for his employees, so we deregister him as an employer."


Visual:

"The words ‘employer monthly schedule’ are replaced by a letter and envelope icon. The letter and envelope are crossed out to show we stop sending unnecessary mail when deregistration is completed."

Audio:

"If you call us straight away, we’ll make sure you don’t get any unnecessary letters and returns."


Visual:

The video zooms in on the computer screen. An income tax return form appears on the screen. The income tax form moves off the screen, and is replaced by the words ‘trading result’ and ‘depreciation adjustments’, which are included in the end of year tax return.

Audio:

"At the end of the tax year, Scott files his final income tax return. His return includes his trading results up to the date he finished business and depreciation adjustments from selling his work van."


Visual:

The desk, computer and business records show again. A dollar sign appears on screen and is ticked off to show all taxes have been paid. Tom the cat flicks his tail. The business records move from the desk into a circle and are replaced by a padlock icon. The padlock fades out and is replaced by the words ‘seven years’.

Audio:

"Finally, Scott checks all his taxes have been paid, and stores his business records in a safe place. Business records must be kept for at least seven years, even when you’ve finished trading."


Visual:

The words “Do you run your business as a registered company?” appear on screen.

Audio:

"Do you run your business as a company?"


Visual:

The word company is shown inside a circle, next to the Inland Revenue logo also inside a circle. A tick appears next to the Inland Revenue logo, indicating that approval has been granted. A line is drawn across the company circle, indicating that the Companies Office has struck off the company. The company circle disappears.

Audio:

"If it’s going to be removed from the Companies Office register, you’ll need to get approval from us first. Once the Companies Office has removed it from the register, let us know so we can close the tax file."


Visual:

The Inland Revenue logo is replaced in the circle by an IR433 form. Underneath the circle, the words “Non-active company declaration” appear.

Audio:

"If you’re keeping your company, send us an IR433. This will save you having to file nil returns every year."


Visual:

The scene changes to show Scott and a friend fishing from a small boat. Tom the cat is there too. Everyone is wearing lifejackets. Scott catches an enormous fish and Tom the cat turns his head to see the fish.

Audio:

"By contacting us early, Scott has sorted out his taxes the easy way. Now he and his friend are enjoying a worry-free retirement."


Visual:

Contact details appear on screen:

For more information

  • Call us: 0800 377 774
  • www.ird.govt.nz (ceasing business, depreciation)
  • contact your tax agent or accountant

The video closes with Inland Revenue's logo and the New Zealand Government logo on screen. It also shows the Inland Revenue website address, www.ird.govt.nz.