For businesses and employers: Ceasing to operate a business
How do you cease your GST registration?
Your GST registration may be cancelled if you cease all taxable activities, or you can satisfy us that your turnover for the next 12 months will be less than $60,000.
To cancel your registration please phone our GST line (see "Contact us" for phone numbers).
If we cancel your registration, we'll send you a notice of your actual cancellation date. It will be the last day of a taxable period. After you cancel your registration, you must still meet all the GST responsibilities and requirements incurred while you were registered. You'll be required to file returns until the approved cancellation date.
If you cancel your GST registration, but you keep assets from your business, you must account for GST on the value of those assets in your final return.
Generally, records must be kept for seven years, except when a company is officially wound up or dissolved.
| Example | |
|---|---|
| Collette O'Dea has been registered since 1 October 1986, and applied for cancellation on 1 July 2008. We approved the request effective from 31 July 2008. On 1 September 2008, an Inland Revenue investigator discovered that Collette didn't correctly account for GST in the return to 31 May 2008. Collette is still liable for any underpaid GST and penalties, even though she is no longer registered. |
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Date published: 31 Mar 2009
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