Tax Laws Amendment (2014 Measures No. 1) Act 2014 (34 of 2014)

Schedule 1   Farm management deposits

Income Tax (Transitional Provisions) Act 1997

12   At the end of Subdivision 393-A

Add:

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.