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Taxation Determination

TD 92/121

Income tax: insurance: section 112B: is the foreign income of an Australian resident life assurance company exempt from Australian income tax if it is remitted to Australia in a year of income after the year of income in which it is derived?

  • Please note that the PDF version is the authorised version of this ruling.

FOI status:

may be releasedFOI number: I 1212890

This Determination, to the extent that it is capable of being a 'public ruling' in terms of Part IVAAA of the Taxation Administration Act 1953, is a public ruling for the purposes of that Part. Taxation Ruling TR 92/1 explains when a Determination is a public ruling and how it is binding on the Commissioner. Unless otherwise stated, the Determination applies to transactions entered into both before and after its date of issue.

1. Yes. Unless the law provides otherwise, income can be assessed only in the year in which it is derived.

2. All the foreign income (as defined in subsection 6AB(1) of the Income Tax Assessment Act 1936) of an Australian resident life assurance company for the 1987-88 to 1989-90 income years is assessable in the income year in which it is derived except for the provisions of section 112B.

3. Section 112B operated only for the 1987-88 to 1989-90 income years to provide for an exemption for so much of the foreign income derived in any of those years as is not remitted to Australia in the particular year.

Commissioner of Taxation
16/07/92

References

ATO references:
NO Insurance Industry Cell

ISSN 1038 - 3158

Related Rulings/Determinations:

TD 92/117
TD 92/118

Subject References:
Australian life assurance companies,
remittance of foreign income,
exemption of foreign income

Legislative References:
ITAA 6AB (1)
ITAA 112B


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