Income Tax (Transitional Provisions) Act 1997
View history note
Hide history noteSubsection (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 .
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