Income Tax Assessment Act 1997
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Hide history noteSECTION 320-111 Deduction for funeral policy payout 320-111(1)
A *life insurance company that is a *friendly society can deduct the amount of a benefit provided in the income year by the company under a *funeral policy issued after 31 December 2002, reduced by so much of the sum of the amounts deducted or deductible by the company under section 320-75 for any income year as is reasonably related to the benefit.
320-111(2)
This section has effect despite subsection 320-80(3) .
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