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 15-60   Certain amounts paid under scholarship plan  

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) .

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 surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.