Tax Laws Amendment (2011 Measures No. 7) Act 2011 (147 of 2011)

Schedule 5   Farm management deposits

Part 4   Contacting owners before forfeiting FMD deposits as unclaimed money

Banking Act 1959

21   After subsection 69(1)

Insert:

(1A) However, farm management deposits (within the meaning of the Income Tax Assessment Act 1997) of an owner (within the meaning of that Act) are unclaimed moneys if, and only if:

(a) they are to the credit of an account with an ADI; and

(b) the account has not been operated on either by deposit or withdrawal for a period of not less than 7 years; and

(c) after the first 7 years of that period, the ADI has been unable to contact the owner about those farm management deposits after making reasonable efforts.