Taxation Determination TD 92/121







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


Related rulings: TD 92/117 TD 92/118
Legislative references: ITAA 6AB (1) ITAA 112B
Subject references: Australian life assurance companies, remittance of foreign income, exemption of foreign income