(1) An entity may choose to apply this Division.
(2) However, the entity must be * registered and must be:
(a) an * endorsed charity or a * government school; or
(aa) a * gift-deductible entity that is a non-profit body; or
(b) a non-profit body that is exempt from income tax under any of these provisions of the * ITAA 1997:
(i) section 50-5 (charity, education and science);
(ii) section 50-10 (community service);
(iii) section 50-15 (employees and employers);
(iv) section 50-40 (primary and secondary resources, and tourism);
(v) item 9.1 or 9.2 of section 50-45 (sports, culture and recreation).