INCOME TAX ASSESSMENT ACT 1997 - SECT 15.55 Certain amounts paid under funeral policy

INCOME TAX ASSESSMENT ACT 1997 - SECT 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.

  (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.