Cancelling your GST registration
If you permanently close your business, you must apply to cancel your goods and services (GST) registration within 21 days of stopping your business activities.
Cancelling your GST registration may affect some, but not all, of your other registrations, including:
- fuel tax credits
- luxury car tax
- wine equalisation tax.
Disposing of capital assets
Check whether you need to pay goods and services tax (GST) or capital gains tax (CGT) on business assets you sell, including:
- land
- buildings
- intangible assets, such as patents, licences or goodwill.
For further information, see our rulings:
- GSTR 2002/5 Goods and services tax: when is a 'supply of a going concern' GST-free?
- GSTR 2003/9 Goods and services tax: financial acquisitions threshold
Margin scheme
The margin scheme is an alternative method of calculating the GST payable when you sell land or buildings as part of a business.
You may need more information if you are selling or buying property and the seller asks you to sign an agreement in writing for the margin scheme to apply.
Find out more about your GST obligations when you close your business.