Document ID: chunk:federal_register_of_legislation:C2025C00029:section:10:p27
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 10 (pt 27/29)
Character Range: 280291–282996

25‑95.

15‑55  Certain amounts paid under funeral policy
 (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.

15‑60  Certain amounts paid under scholarship plan
 (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.
 (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) 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.

15‑70  Reimbursed car expenses
  Your assessable income includes a reimbursement mentioned in section 22 of the Fringe Benefits Tax Assessment Act 1986 (about exempt car expense payment benefits) that, but for that section, would be a *fringe benefit *provided to you.

15‑75  Bonuses
  Your assessable income includes any amount you receive as or by way of bonus on a *life insurance policy, other than a reversionary bonus.
Note: Reversionary bonuses are covered by section 6‑5 of this Act if they are ordinary income and, if not, by section 26AH of the Income Tax Assessment Act 1936.

15‑80  Franked distributions entitled to a foreign income tax deduction—Additional Tier 1 capital exception
 (1) If section 207‑158 would, apart