Item 9: Lodging final returns

9.1 Lodge a final activity statement

You must complete an activity statement for the tax period in which your registration cancellation 'date of effect' occurs. You must report all of the following information:

  • all the sales, purchases and importations made in your final tax period including the sale of the business
  • any adjustment for assets held after cancellation
  • any other adjustments discussed in Making adjustments on your activity statements.

For more on what you need to do to finalise your GST obligations, refer to Leaving the GST system.

9.2 Companies

A company stops existing when it is formally deregistered with the Australian Securities & Investments Commission. A company must dispose of all assets to deregister.

A change of directors or shareholders is not a change of entity.

If the company will not lodge tax returns in future years, print 'FINAL' in the box at this item on the Company tax return.

If you are a subsidiary member of a consolidated group, do not print 'FINAL' if membership of the consolidated group is the only basis on which the company will not be required to lodge future tax returns.

For help completing the company income tax return, refer to Company tax return instructions.

9.3 Partnerships

You should only tell us of a final partnership tax return where the partnership is no longer trading and all the partnership's assets have been distributed.

If the partnership has stopped trading and the assets have been distributed during the year, answer 'YES' at the label stating 'Final tax return' on page 1 of the Partnership tax return.

For help completing the partnership tax return, refer to the Partnership tax returns instructions.

9.4 Trusts

You should only tell us of a final trust tax return where all the trust's assets have been distributed.

If you wound up the trust during the year and you have distributed all the trust's assets, print 'FINAL' at the label 'Final tax return' on page 1 of the Trust tax return.

Show any proceeds you received from the sale of your business in your personal Individual tax return.

For help completing the trust tax return, refer to the Trust tax return instructions.

    Last modified: 12 Jul 2016QC 20300