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