Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 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.

  (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