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If you stop your taxable activity or your annual turnover drops below $60,000, you may need to cancel your GST registration.
- When to cancel your GST registration
- How to cancel your GST registration
- Completing your final GST return
Cancelling your GST registration won't close your business. You don't have to be registered to continue your business or taxable activity.
You must cancel your GST registration within 21 days if:
- you stop your taxable activity, and
- don't intend to start a new activity within the next 12 months.
You should consider cancelling your GST registration if:
- your turnover for the next 12 months will be under $60,000, or
- you've been filing nil returns for some time.
When you can't cancel your GST registration
If GST is built into your prices you can't cancel your GST registration even if your annual turnover is under $60,000.
For example, a taxi driver must be registered for GST regardless of turnover because GST is built into the price they charge.
If you have a myIR account, you can cancel your GST registration online.
If you don't have a myIR account register for one now. You can also cancel your registration by sending us details of your cancellation.
Cancelling a separate GST registration
If you've registered branches or divisions of your business separately, the parent body can cancel the separate registration of any of the branches at any time in myIR.
After cancellation, the parent body must account for GST and be responsible for all of the branches' taxable activities.
If you cancel the parent body's GST registration, the separate GST registrations of the branches will be cancelled automatically.
Notice confirming your cancellation
We'll send you confirmation once your registration has been cancelled.
Your final GST return must include all taxable goods and services up to the cancellation date.
Keeping assets after cancelling GST registration
If you're keeping assets, either for private use or for use in another business, you'll need to make an adjustment in your final GST return.
Assets that were mainly for private use, but with GST adjustments made for the business use, don't need to be included in your final GST return.
Accounting for assets you want to keep
The adjustment for assets is calculated as follows:
Open market value multiplied by 3 divided by 23
The open market value is the value of an asset if it were sold today. You must return the GST on the open market value of the asset regardless of your accounting basis.