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All You Need To Know About Cancelling Your GST Registration

Getting your GST registration cancelled is a must if you are planning to sell or close your business. It is also necessary to get it cancelled if you are restructuring your business as instructed by the Australian Taxation Office.

You must cancel your GST registration within 21 days of:

  • selling or closing your business
  • changing your business structure
  • changing from partnership to company

Another situation where you can opt to cancel your GST registration is when your GST turnover is below the threshold for compulsory registration, unless you:

  • are a taxi driver, ride-source, or chauffeur
  • represent an incapacitated entity registered or required to be registered for GST
  • are an Australian resident acting as an agent for a non-resident registered for GST

Effect Of Cancelling GST On Other Registrations

GST registration cancellation for a business may affect some of its other registrations, such as fuel tax credit, luxury car tax and wine equalisation tax registration may also get cancelled automatically. Also, a business must keep lodging its activity statements if it:

  • is registered for pay as you go (PAYG) withholding
  • has entered into PAYG installments
  • has fringe benefits tax (FBT) obligations

Information On Cancellation Date

The date a business decides to cancel its GST registration is usually the last day to be registered for GST. A registration is generally cancelled on the date chosen by a business. One cannot:

  • cancel registration if they are operating on a GST-registered basis after the date chosen
  • continue to operate on a GST-registered basis after the cancellation date
  • cancel if they have already lodged an activity statement containing the date of cancellation

Ways To Cancel A GST Registration

There are several ways of getting a registration cancelled and it varies upon your choice of getting only GST or all other registration cancelled together or separately. The optimal ways include:

  • through Online services for business
  • through a registered tax or BAS agent
  • by completing the canceling registration application through online ordering and posting

If you are in need of professional assistance to get your GST registration cancelled, please feel free to consult our tax accountants in Dandenong. KPG Taxation holds years of experience in filing income tax and GST reports for businesses and individuals. Contact us to know more.