Can I cancel my GST registration?
You may cancel your GST registration if:
- You have stopped making taxable supplies; or
- You expect your taxable turnover for the next 12 months to be $1 million or less; or
- Your business has ceased; or
- Your business is transferred as a whole to another person.
However, if you have voluntarily registered for GST, you have to remain GST registered for two years (unless your business has ceased or your business is transferred as a whole to another person).
Cancellation of GST registration
To apply for cancellation of GST registration, you can either submit the GST F9 via myTax Portal or by post using the hardcopy of GST F9 - Application for Cancellation of GST Registration (206KB).
Anyone who had been duly authorised to access myTax Portal to e-File GST returns can apply for cancellation of GST registration online. Please refer to our user guide on “Apply for Cancellation of GST Registration online” (1.59MB) for details.
After submitting GST F9
You will be notified of the approval for your application and the effective date of cancellation of GST registration.
You have to continue to fulfil your obligations as a GST-registered person (e.g. charge GST, submit GST returns) until the approved effective date of cancellation of your GST registration.
After effective date of cancellation
You have to stop collecting GST from the effective date of cancellation. If there are any outstanding GST returns, you should file them. The final GST return to be filed after the effective date of cancellation is GST F8. In this GST return, you need to account for GST up till the last day of your GST registration.
Accounting for GST for assets held at point of de-registration
In your final GST return (GST F8), you need to account for output tax on taxable assets (including capital assets and inventories) that you held on hand as at the last day of GST registration.
GST has to be accounted for (at the prevailing rate) based on the open market value on the last day of registration. This is the price that you will pay if you purchase the asset on that day.
- If the total value of business assets (which you have claimed the input tax previously) held on hand as at the last day of registration is not more than $10,000, you need not account for GST on all the business assets.
- If you have transferred the whole business as a going concern to another GST-registered business, you also need not account for GST on all the business assets held on hand.
- If you did not claim input GST on these assets previously, you need not account for GST on them.
So long as you are GST-registered, you are required to submit GST returns. If you do not have any business transactions for the accounting period covered in your GST return, you should submit a nil return (i.e. fill in “0” in the boxes).
If you do not expect to make taxable supplies in the next 12 months, please complete either the online GST F9 via myTax Portal or the paper form GST F9 Application for Cancellation of GST Registration (206KB).