Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 393 - Farm management deposits  

Subdivision 393-A - Tax consequences of farm management deposits  

SECTION 393-30   Unclaimed moneys  

393-30(1)    
Subsection (2) applies if:

(a) a farm management deposit of an owner was unclaimed moneys for the purposes of section 69 of the Banking Act 1959 ; and

(b) the unclaimed moneys were paid to the Commonwealth under that section; and

(c) the unclaimed moneys were repaid as a result of subsection 69(7) of that Act.

393-30(2)    
For the purpose of subsection 393-10(1) of the Income Tax Assessment Act , treat the repaid unclaimed moneys as a repayment of the deposit of the owner.

393-30(3)    
To avoid doubt, the payment of unclaimed moneys to the Commonwealth under section 69 of the Banking Act 1959 is not a repayment of the deposit of the owner for the purposes of Division 393 of the Income Tax Assessment Act 1997 .