Private ruling: Definition of an insurance contract
Date of advice: 6 May 2022
Published: July 2022
Ruling period: Income years 31 December 201X to 202X

Ruling: Q1: Is the Bond written by Company X as an agent of Company Y under the agency arrangement an insurance contract as defined in section 141 of the Income Tax Assessment Act 1936? | A1: No | Q2: Is Company X liable to pay any income tax which has been or may be assessed in respect of the premium paid or payable under the Bond personally or as an agent of Company Y pursuant to section 144 of the ITAA 1936? | A2: No


Relevant legislative provisions: Income Tax Assessment Act 1936 section 141 | Income Tax Assessment Act 1936 section 142 | Income Tax Assessment Act 1936 Division 15 of Part III