Taxation Determination
TD 92/118W
Income tax: insurance: can a life assurance company get a deduction for expenditure incurred in deriving foreign income which is exempt under the former section 112B of the Income Tax Assessment Act 1936?
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FOI status:
may be releasedFOI number: I 1212859Notice of Withdrawal
Taxation Determination TD 92/118 is withdrawn with effect from today.
The former section 112B the Income Tax Assessment Act 1936 has been repealed by Taxation Laws Amendment (Foreign Income) Act 1990 (No 5 of 1991) and operated for the 1987-88 to 1989-90 income years only. The former section 112B stated that the assessable income of a life assurance company shall not include so much of its foreign income as is not remitted to Australia. This section is no longer applicable in the later years of income
Commissioner of Taxation
18 August 1999
References
ATO references:
NO Insurance Industry Cell
Related Rulings/Determinations:
TD 92/117
Subject References:
life assurance companies
deduction of expenditure incurred in deriving exempt income
Legislative References:
ITAA 6(1)
ITAA 51(1)
ITAA 112B
Date: | Version: | Change: | |
16 July 1992 | Original ruling | ||
You are here | 18 August 1999 | Withdrawn |