Income tax: taxation of foreign life assurance

Taxation Ruling TR 2004/3 provided guidance on the meaning of a foreign life assurance policy (or FLP) for the purposes of the foreign investment fund (FIF) measures in Part XI of the Income Tax Assessment Act 1936 (ITAA 1936), and on the application of the FIF measures to certain types of FLPs. Taxation Ruling TR 2004/3 also provided guidance on the operation of sections 26AH and 23AK of the ITAA 1936 in relation to certain amounts received from a FLP.

The FIF measures were repealed by the Tax Laws Amendment (Foreign Source Income Deferral) Act (No. 1) 2010 in relation to the 2010-11 year of income for a taxpayer and later income years. Sections 26AH and 23AK of the ITAA 1936 have also been subject to amendment.

Accordingly, TR 2004/3 is no longer current and is therefore withdrawn.