Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-1 - ASSESSABLE INCOME  

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History

Pt 2-1 inserted by No 121 of 1997.

Division 15 - Some items of assessable income  

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History

Div 15 inserted by No 121 of 1997.

Operative provisions  

SECTION 15-55   Certain amounts paid under funeral policy  

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15-55(1)    
Your assessable income includes the amount of a benefit provided to you by a ^* life insurance company under a ^* funeral policy issued after 31 December 2002 to pay for the funeral of the insured person, reduced by:

(a) the amount of the premium or premiums of the policy 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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S 15-55(1) amended by No 143 of 2007 , s 3 and Sch 7 items 21 and 22, by substituting " 320-15(1)(k) " for " 320-15(k) " in para (b), applicable to assessments for the income year including 1 January 2003 and later income years.

15-55(2)    
This section does not apply if the benefit is included in your assessable income as:

(a) ^* ordinary income under section 6-5 ; or

(b) ^* statutory income under a section of this Act other than this section.

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History

S 15-55 inserted by No 12 of 2003.

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