Taxation Determination TD 92/117







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. No. The former section 112B exempts all 'foreign income' (as defined in subsection 6AB(1)) derived by Australian resident life assurance companies to the extent to which that income is not remitted to Australia. | 2. The exemption is not restricted to foreign income derived by overseas branches of Australian resident life assurance companies. | 3. The former section 112B operated for the 1987-88 to 1989-90 income years only. | Commissioner of Taxation 16/07/92


Related rulings: TD 92/118
Legislative references: ITAA 6AB(1), ITAA 112B
Subject references: life assurance companies, exemption of foreign income