Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-1 - ASSESSABLE INCOME  

Division 15 - Some items of assessable income  

Operative provisions  

SECTION 15-60   Certain amounts paid under scholarship plan  

15-60(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.

15-60(2)    
This subsection covers a ^* scholarship plan issued by the ^* life insurance company after 31 December 2002.

15-60(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) .

15-60(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.