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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 157.5 Charities etc. choosing to account on a cash basis

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 157.5

Charities etc. choosing to account on a cash basis

  (1)   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.

  (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.

  (4)   This section has effect despite section   29 - 40 (which is about choosing to account on a cash basis).

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