Tax Laws Amendment (2011 Measures No. 9) Act 2012 (12 of 2012)

Schedule 3   GST financial supply provisions

Part 3   Hire purchase agreements

A New Tax System (Goods and Services Tax) Act 1999

10   After Division 157

Insert:

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 credit to which you are entitled, or an *adjustment you have, under subsection 58-10(1) for an acquisition made under a hire purchase agreement;

as if you do not *account on a cash basis.