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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 15-60  Certain amounts paid under scholarship plan  

 View history reference

15-60(1)  

Your 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).
 View history reference

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.
 View history reference


 



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