Cancelling your GST Registration

9 Sep

If you need to cancel your GST registration but still own assets which you intend to retain after you have cancelled your registration, you’ll need to account for GST on those assets as part of your GST cancellation.

You’ll need to account for GST at the rate of 12.5% of the open market value up until 30 September. However from 1 October onwards any assets retained at the point of GST registration cancellation will need to be accounted for at the rate of 15%.

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