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Income Tax Assessment Act 1997
15‑60 Certain amounts paid under scholar15‑60 Certain amounts paid under scholarship plan
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#### 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.