Document ID: chunk:federal_register_of_legislation:C2004C01135:clause:3_10b:p2
Version: federal_register_of_legislation:C2004C01135
Segment Type: clause
Provision Reference: sch 3 cl 10B (pt 2/4)
Character Range: 160254–162767

and is undertaking full‑time study in respect of a secondary course.

trust does not include:
 (a) a trust in relation to an account held in a bank only for the benefit of a dependent child of the trustee; or
 (b) a trust under which property of the estate of a deceased person, or of a person who is an insolvent under administration, is distributed; or
 (c) a trust in relation to a superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993 that is not an excluded fund within the meaning of that Act; or
 (d) a public unit trust in which units are held by 50 or more persons who are not family members of the trustee, or are offered for subscription or purchase by the public; or
 (e) the trust constituted by a trust account that the trustee is required by a law to establish; or
 (f) a charitable trust; or
 (g) a trust created by operation of law.

unlisted public company means a public company that is not listed on a stock exchange.

 (3) A parent of a person (the person concerned) is a designated parent for a youth allowance payment period if:
 (a) within 10 years before 1 January in the calendar year in which the youth allowance payment period ends, the parent first entered Australia under a permanent visa or entry permit within the meaning of the Migration Act 1958 for the grant of which a criterion or requirement was that the parent demonstrate skills in business; or
 (b) the parent has an interest (the value of which is $2,500 or more) in assets outside Australia and its external territories; or
 (c) in the base tax year, the parent had an interest in:
 (i) a proprietary company; or
 (ii) an unlisted public company; or
 (iii) a trust; or
 (d) in the base tax year, the parent derived income of $2,500 or more from a source outside Australia and its external territories (except Norfolk Island) that does not consist only of income from a pension or similar payment, and was either:
 (i) ordinary income; or
 (ii) an amount included in the person concerned's combined parental income; or
 (e) the parent derived income from salary or wages in the base tax year and has claimed, or will claim, a tax deduction for a business loss (whether for that year or a previous year) that does not consist only of a net passive business loss; or
 (f) in the base tax year, the parent was a member of a partnership; or
 (g) in the base tax year, the parent:
 (i) worked for gain or reward otherwise than under a contract of employment or apprenticeship, whether or