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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 393.30

Unclaimed moneys

             (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.

             (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.

             (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 .

Table of sections

393-40      The day the deposit was made for deposits made as a result of section 25B of the Loan (Income Equalization Deposits) Act 1976



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