Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 320.111

Deduction for funeral policy payout

  (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).


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