Document ID: chunk:federal_register_of_legislation:F2025C00013:reg:29
Version: federal_register_of_legislation:F2025C00013
Segment Type: reg
Provision Reference: reg 29
Character Range: 29861–31017

29  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.