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.