INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-1 - ASSESSABLE INCOME  

Division 15 - Some items of assessable income  

Operative provisions  

SECTION 15-55   Certain amounts paid under funeral policy  

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.


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