Income Tax (Transitional Provisions) Act 1997

Subsection (2) applies if:

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

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

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

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.

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.