Summary
Amends the: Income Tax Assessment Act 1997 to: enable individuals to consolidate multiple farm management deposits (FMD); and increase the taxable non-primary production income threshold; Banking Act 1959 to exclude an FMD from becoming unclaimed moneys; Income Tax (Transitional Provisions) Act 1997 to retrospectively clarify the tax treatment of FMDs that became unclaimed money; A New Tax System (Goods and Services Tax) Act 1999, Income Tax Assessment Act 1936 and Taxation Administration Act 1953 to: ensure that overpaid goods and services tax is only refundable in certain circumstances; and make consequential amendments; and Taxation Administration Act 1953 to: enable merits review of certain commissioner’s decisions; and validate certain past objections and reviews.