INCOME TAX ASSESSMENT ACT 1997 - SECT 320.111 Deduction for funeral policy payout

INCOME TAX ASSESSMENT ACT 1997 - SECT 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.

  (2)   This section has effect despite subsection   320 - 80(3).