A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-1 - ASSESSABLE INCOME    View history reference

Division 15 - Some items of assessable income    View history reference

Operative provisions  

SECTION 15-55  Certain amounts paid under funeral policy  

 View history reference

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.

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.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page