Income Tax Assessment Act 1997
View history note
Hide history noteYour 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.
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