Document ID: chunk:federal_register_of_legislation:C2025C00126:clause:3_16:p53
Version: federal_register_of_legislation:C2025C00126
Segment Type: clause
Provision Reference: sch 3 cl 16 (pt 53/58)
Character Range: 770984–773707

a *hire purchase agreement is treated as not being a supply or acquisition made on a progressive or periodic basis.

156‑25  Accounting on a cash basis
  This Division (other than sections 156‑15 and 156‑17) does not apply if you *account on a cash basis.

Division 157—Accounting basis of charities etc.

157‑1  What this Division is about
      The choice available to an endorsed charity, gift‑deductible entity or government school to account on a cash basis is not restricted as it is for other entities, but other restrictions may apply.

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).

157‑10  Charities etc. ceasing to account on a cash basis
 (1) Paragraphs 29‑50(1)(a) and (ab) and subsection 29‑50(3) do not apply in relation to any *endorsed charity, any *gift‑deductible entity or any *government school.
 (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.

Division 158—Hire purchase agreements

158‑1  What this Division is about
      If you account on a cash basis, you are treated as if you do not account on a cash basis for any acquisition made under a hire purchase agreement.

158‑5  Treat as not accounting on a cash basis
 (1) This section applies if you *account on a cash basis.
 (2) This Act and the regulations apply in relation to:
 (a) an acquisition you make under a *hire purchase agreement; or
 (b) an input tax