Commonwealth Numbered Regulations

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Distributions of income of closely held trusts--prescribed trusts

             (1)  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

             (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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