SearchDeregistering GST
James asks:
(updated on Tuesday, December 02nd 2014)
Hi there, I have an holdings company which is GST registered. The company used to have taxable income activities and bank investment portfolios. I sold the taxable income activities to another company two years ago, so now the holdings company only has the bank investment portfolios. However, I still file the GST returns and then get GST refunds as there is no GST output (only investment income). The GST input is only a portion of home office expenses, as the company has no taxable activity. Should I deregister GST as the investment income is exempt income for GST? Thanks, James
Our Experts Answer:
Dear James, yes, the GST act requires you to deregister within 28 days of your taxable activity ceasing.
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