Private ruling: Insurance
Date of advice: 5 April 2022
Published: June 2022
Ruling period: 1 July 20XX to 30 June 20XX

Ruling: Q1: Is the agreement an 'insurance contract' as defined in section 141 of the Income Tax Assessment Act 1936 (ITAA 1936)? | A1: No.

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: Summary: Considering the specific circumstances of the arrangement, the agreement is not an 'insurance contract' as defined in section 141 of the ITAA 1936.