Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 15.60

Certain amounts paid under scholarship plan

  (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.


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