Income tax: insurance: is the exemption in the former section 112B of the Income Tax Assessment Act 1936 restricted to foreign income derived by overseas branches of Australian resident life assurance companies?
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.