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GST Deregistration

Registration ceases when (s 52):

  • Taxable supplies are less than $60,000. The cancellation is optimal in this situation. Cancellation takes effect from the last day of the taxable period in which the application is processed.
  • IRD can cancel a registered person’s registration if it is satisfied that the registered person is not carrying on a taxable activity.

A person who ceases to be registered for GST has the following obligations:

  • The person must finish a final GST return covering the period from the beginning of the final taxable period up to the date of deregistration.
  • Assets kept after deregistration are deemed to have GST content on them. The GST is calculated on the market value of the asset and returned to the IRD.
  • The person must pay off any GST payable.
  • All records must be kept for at least seven years (s 75).