Taxation Ruling

TR 2004/3W

Income tax: taxation of foreign life assurance

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FOI status:

may be released

Notice of Withdrawal

Taxation Ruling TR 2004/3 is withdrawn with effect from today.

1. 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.

2. The FIF measures were repealed by the Tax Laws Amendment (Foreign Source Income Deferral) Act (No. 1) 2010 in relation to the 2010-11 year of income for a taxpayer and later income years.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.

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 Accordingly, TR 2004/3 is no longer current and is therefore withdrawn.

Commissioner of Taxation
4 July 2012

Previously released as TR 2003/D10.

References

ATO references:
NO 1-3OO7570

Related Rulings/Determinations:

TR 92/1
TR 92/20
TR 97/16

Legislative References:
ITAA 1936 Div 17
ITAA 1936 23AK
ITAA 1936 23AK(1)(h)
ITAA 1936 23AK(2)
ITAA 1936 26AH
ITAA 1936 26AH(1)
ITAA 1936 26AH(6)
ITAA 1936 482
ITAA 1936 482(1)
ITAA 1936 482(2)
ITAA 1936 482(2)(a)
ITAA 1936 482(2)(b)
ITAA 1936 482(2)(c)
ITAA 1936 482(2)(d)
ITAA 1936 482(2)(e)
ITAA 1936 482(2)(e)(i)
ITAA 1936 482(2)(e)(ii)
ITAA 1936 482(2)(f)
ITAA 1936 483(3)
ITAA 1936 485(3)(a)
ITAA 1936 485(4)
ITAA 1936 487(2)
ITAA 1936 487(8)
ITAA 1936 515
ITAA 1936 515(1)
ITAA 1936 515(1)(a)
ITAA 1936 515(1)(b)
ITAA 1936 515(2)
ITAA 1936 517
ITAA 1936 517(2)
ITAA 1936 517(4)
ITAA 1936 529
ITAA 1936 530
ITAA 1936 536
ITAA 1936 536(1)
ITAA 1936 584
ITAA 1936 595
ITAA 1936 601
ITAA 1936 601(d)
ITAA 1936 603(1)(g)
ITAA 1936 603(2)
ITAA 1936 604
ITAA 1936 605
ITAA 1936 605(3)
ITAA 1936 606
ITAA 1936 Pt XI
ITAA 1936 Div 17 of Pt XI
ITAA 1997 Div 36
Acts Interpretation Act 1901 (Cth)
Income Tax Assessment Amendment (Foreign Investment) Bill 1992
Tax Laws Amendment Act (No. 4) 2004
Life Insurance Act 1995
Migration Act 1958
TAA 1953 Pt IVAAA

Case References:
CIC Insurance Ltd v. Bankstown Football Club Ltd
(1997) 187 CLR 384

Consolidated Press Holdings Ltd & Anor v. FC of T
98 ATC 5009
40 ATR 181
Cooper Brookes (Wollongong) Pty Ltd v. FCT
(1981) 147 CLR 297
11 ATR 949
81 ATC 4292
FCT v. Australia & New Zealand Savings Bank Ltd
(1998) 39 ATR 419 at 426
98 ATC 4850 at 4855-6
Fuji Finance Inc v. Aetna Life Insurance Co Ltd
[1996] 4 All ER 608 CA
Marac Life Assurance Ltd v. Commissioner of Inland Revenue
(1986) 1 NZLR 694
MLC Limited & Anor v. DFC of T
(2002) ATC 5105
(2002) 51 ATR 283
National Mutual Life Association of Australasia Ltd v. FCT
(1959) 102 CLR 29
NM Superannuation Pty Ltd v. Young & Anor
(1993) 41 FCR 182
113 ALR 39

Other References:
Explanatory Memorandum to the Income Tax Assessment Amendment (Foreign Investment) Bill 1992