| Disclaimer You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of private advice
Authorisation Number: 1051963104339
Date of advice: 5 April 2022
Ruling
Subject: Insurance
Question
Is the agreement an 'insurance contract' as defined in section 141 of the Income Tax Assessment Act 1936 (ITAA 1936)?
Answer
No.
This ruling applies for the following period
1 July 20XX to 30 June 20XX
Relevant facts and circumstances
Company A has entered into an agreement with certain unrelated parties to guarantee the payment of certain amounts.
Relevant legislative provisions
Income Tax Assessment Act 1936 section 141
Reasons for decision
Considering the specific circumstances of the arrangement, the agreement is not an 'insurance contract' as defined in section 141 of the ITAA 1936.