15‑60 Certain amounts paid under scholar15‑60 Certain amounts paid under scholarship plan

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.