Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Your assessable income includes the amount of a benefit provided to you, or on your behalf, by a * life insurance company under a * scholarship plan covered by subsection (2) or (3), reduced by the amount worked out under subsection (4), if:
(a) the benefit is provided on or after 1 January 2003; and
(b) you are nominated in the plan as a beneficiary whose education is to be helped by the benefit.
(2) This subsection covers a * scholarship plan issued by the * life insurance company after 31 December 2002.
(3) This subsection covers a * scholarship plan if:
(a) the plan was issued by the * life insurance company before 1 January 2003; and
(b) no amount received by the company on or after 1 January 2003 and attributable to the plan is * non - assessable non - exempt income of the company under paragraph 320 - 37(1)(d).
(4) The amount of the reduction is the sum of:
(a) the amount of the premium or premiums of the plan 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.