Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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).