Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-35
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INSURANCE BUSINESS
Division 320
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Life insurance companies
Subdivision 320-C
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Deductions and capital losses
Operative provisions
SECTION 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) .
View history note
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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