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.