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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?

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

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.

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.

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