Income tax: insurance: can a life assurance company get a deduction for expenditure incurred in deriving foreign income which is exempt under the former section 112B of the Income Tax Assessment Act 1936?

Taxation Determination TD 92/118 is withdrawn with effect from today.

The former section 112B the Income Tax Assessment Act 1936 has been repealed by Taxation Laws Amendment (Foreign Income) Act 1990 (No 5 of 1991) and operated for the 1987-88 to 1989-90 income years only. The former section 112B stated that the assessable income of a life assurance company shall not include so much of its foreign income as is not remitted to Australia. This section is no longer applicable in the later years of income