General Effects of Cancellation

The effects of cancellation of registration are:

• The current tax period will cease at the end of the day on which the cancellation takes effect. This will be the business' final tax period;

• Future supplies you make are not subject to GST;

• You cannot claim input tax credits on future acquisitions that you make;

• You will not have to lodge normal GST returns for periods after your final tax period;

• If you are on a cash basis, any GST, input tax credits or adjustments that have not been attributed to any previous tax period will be attributed to the final tax period; and

• The business may be liable for an upwards adjustment to its net GST in its final tax period if it retains assets for which input tax credits have been claimed.

Our dedicated team can assist you with all your accounting and GST related matters. Complete and submit the Express Enquiry form on the top right hand side of this page and we will contact you to discuss your enquiry or call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange an appointment.