A New Tax System (Goods and Services Tax) Act 1999
Note:
The special rules in this Part mainly modify the operation of Part 2-6 , but they may affect other Parts of Chapter 2 in minor ways.
Division 157 - Accounting basis of charities etc.
Hide history note
View history noteDiv 157 (heading) substituted by No 169 of 2012, s 3 and Sch 2 item 112, effective 3 December 2012. The heading formerly read:
Division 157 - Accounting basis of charitable institutions etc.
Div 157 inserted by No 80 of 2006, s 3 and Sch 12 item 14, applicable in relation to net amounts for tax periods starting on or after 30 June 2006.
An * endorsed charity , a * gift-deductible entity or a * government school may choose to * account on a cash basis , with effect from the first day of the tax period that the endorsed charity or entity chooses.
S 157-5(1) amended by No 169 of 2012, s 3 and Sch 2 items 115 and 116, by substituting " An *endorsed charity " for " A charitable institution, a trustee of a charitable fund " and " endorsed charity " for " institution, trustee " , effective 3 December 2012.
(2)
(Repealed by No 169 of 2012)
S 157-5(2) repealed by No 169 of 2012, s 3 and Sch 2 item 117, effective 3 December 2012. S 157-5(2) formerly read:
(2)
This section does not apply in relation to a charitable institution or a trustee of a charitable fund unless the institution or trustee is an *endorsed charitable institution or an *endorsed trustee of a charitable fund.Example:
This section does not apply in relation to an entity that is both a charitable institution and a gift-deductible entity unless the entity is an endorsed charitable institution.
(3)
This section does not apply in relation to a * gift-deductible entity endorsed as a deductible gift recipient (within the meaning of the * ITAA 1997 ) under section 30-120 of the ITAA 1997, unless the entity is:
(a) an * endorsed charity ; or
(b) a * government school ; or
(c) a fund, authority or institution of a kind referred to in paragraph 30-125(1)(b) of the ITAA 1997.
Note:
This subsection excludes from this section certain (but not all) gift-deductible entities that are only endorsed for the operation of a fund, authority or institution.
S 157-5(3) amended by No 169 of 2012, s 3 and Sch 2 item 118, by substituting para (a), effective 3 December 2012. Para (a) formerly read:
(a) a charitable institution or a trustee of a charitable fund; or
(4)
This section has effect despite section 29-40 (which is about choosing to account on a cash basis).
S 157-5 inserted by No 80 of 2006, s 3 and Sch 12 item 14, applicable in relation to net amounts for tax periods starting on or after 30 June 2006.
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