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If a bank got a ruling, then customers would likely apply that ruling even if they used the product in was for which it was never intended. The bank could be exposing themselves to formal complaints and liability for other peoples mis-management.

That's definitely not an offset and will probably create serious problems with the ATO as Rolf suggests. I'm guessing your 'refunded amount' could almost be considered income, which you'll have to pay tax on, instead of savings interest, you're earning it. The reverting rate is about 0.5%...