Taxation Determination TD 92/187







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, this Determination applies to years commencing both before and after its date of issue. | 1. Yes. Foreign income is remitted to Australia when it becomes available to the life assurance company in Australia. Under current banking practices in Australia, once an amount of foreign income is credited to a bank account in Australia, that income is available in Australia even though the bank account is denominated in a foreign currency. | Commissioner of Taxation 12/11/92 | Previously issued as Draft TD 92/D134


Related rulings: TD 92/117 TD 92/118 TD 92/121
Legislative references: ITAA 112B
Subject references: Australian life assurance companies foreign income remitted foreign currency bank accounts