38APrescribed trusts

#### 38A Prescribed trusts (1) For 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. (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.