Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Your assessable income includes the amount of a benefit provided to you by a * life insurance company under a * funeral policy issued after 31 December 2002 to pay for the funeral of the insured person, reduced by:
(a) the amount of the premium or premiums of the policy that is reasonably related to the benefit; and
(b) the amount of the fees and charges included in the company's assessable income for any income year under paragraph 320 - 15(1)(k) that is reasonably related to the benefit.
(2) This section does not apply if the benefit is included in your assessable income as:
(a) * ordinary income under section 6 - 5; or
(b) * statutory income under a section of this Act other than this section.