Taxation Administration Regulations 2017
For the purposes of subparagraph 12-175(1)(c)(iii) in Schedule 1 to the Act, the following trusts are prescribed:
(a) a discretionary mutual fund (within the meaning of subsections 5(5) and (6) of the Financial Sector (Collection of Data) Act 2001 );
(b) a trust that is a fund that provides professional indemnity insurance or insurance-like cover to a legal practitioner, including a fund established under legislation or by a State or Territory law society to provide professional indemnity cover to its members;
(c) an employee share trust for an employee share scheme;
(d) a trust covered by subsection (2).
Law practice trusts
29(2)
This subsection covers a trust that is:
(a) created and maintained for the purposes of, or in connection with:
(i) the provision of legal services by a duly qualified legal practitioner; or
(ii) the deposit of money of a kind described in column 1 of item 4 of the table in subsection 202D(1) of the Income Tax Assessment Act 1936 ; and
(b) regulated by a State or Territory law for the regulation of legal practices or legal services.
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