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.