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INCOME TAX ASSESSMENT ACT 1997 - SECT 320.112 Deduction for scholarship plan payout

INCOME TAX ASSESSMENT ACT 1997 - SECT 320.112

Deduction for scholarship plan payout

  (1)   A * life insurance company that is a * friendly society can deduct the amount of a benefit it provides in the income year and on or after 1   January 2003:

  (a)   under a * scholarship plan covered by subsection   (2) or (3); and

  (b)   to, or on behalf of, a person nominated in the plan as a beneficiary whose education is to be helped by the benefit;

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 subsection covers a * scholarship plan issued by the * life insurance company after 31   December 2002.

  (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).

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

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