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

Schedule 3   Friendly society investment products

Part 4   Definition

Income Tax Assessment Act 1997

12   Subsection 995-1(1) (definition of scholarship plan )

Repeal the definition, substitute:

scholarship plan means a *life insurance policy that:

(a) is issued by a *friendly society for the sole purpose of providing benefits to help in the education of nominated beneficiaries; and

(b) is not being used, and has never been used, as security for borrowing or raising money; and

(c) if it is issued on or after 1 January 2003 - contains a provision prohibiting use of the policy as security for borrowing or raising money.