Taxation Laws Amendment Act (No. 1) 2003 (12 of 2003)

Schedule 3   Friendly society investment products

Part 1   Exempt income of friendly societies

Income Tax Assessment Act 1997

1   Subparagraph 320-35(1)(f)(ii)

Repeal the subparagraph, substitute:

(ii) amounts received on or after 1 January 2003 that are attributable to income bonds or funeral policies issued before 1 January 2003; and

(iii) amounts received on or after 1 January 2003 that are attributable to scholarship plans issued before 1 January 2003 and that would have been exempt from income tax if they had been received before 1 July 2001.