Compare documents

Income tax: insurance: is foreign income remitted to Australia for the purposes of the former section 112B if it is credited in foreign currency to a life assurance company's bank account in Australia?

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.

Choose document B