TAXATION ADMINISTRATION REGULATIONS 1976 (REPEALED)
View history note
Hide history noteFor subparagraph 12-175(1)(c)(iii) in Schedule 1 of the Act, the following trusts are prescribed:
(a) a trust that is a discretionary mutual fund;
(b) an employee share trust for an employee share scheme;
(c) a law practice trust.
38A(2)
In this regulation:
discretionary mutual fund
means:
(a) a discretionary mutual fund (within the meaning of subsections 5(5) and (6) of the Financial Sector (Collection of Data) Act 2001 ); or
(b) 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.
employee share trust
, for an employee share scheme, has the meaning given by subsection
130-85(4)
of the
Income Tax Assessment Act 1997
.
law practice trust
means 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.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
