4 min read
Why does my trustee want to know about my financial information?
During bankruptcy, your trustee may ask you for information, such as:
- income
- employment
- bank accounts
- dependants
- assets.
You can face penalties if you don't provide the requested information.
Your trustee uses this information to determine if your income is over the set income threshold amount. If it is, they will ask you to make compulsory payments (also called income contributions), which they will use to help repay your debts. The amount payable depends on your income and how many dependants you have.
You will only pay income contributions if your income is over the threshold.
Estimate income contributions
Use our income contributions calculator to estimate the annual contribution you may need to pay during bankruptcy.
Once your trustee has made an assessment they will notify you of the outcome in writing.
If your bankruptcy is administered by a registered trustee, contact your trustee for further information.
If your trustee is the Official Trustee (AFSA), we may send you a 'statement of income' form to complete once a year or when your circumstances change.
However, if we have sufficient information to determine if you need to pay income contributions, you may instead receive an assessment letter/notice.
For more information, see Official Trustee Practice Statement – Income contributions.
Statement of income forms must be returned by the due date
If you receive a statement of income form to complete, make sure you return your form to AFSA by the due date.
You could face penalties if you don't provide information requested by your trustee. This applies even if:
- your income hasn't changed
- you are unemployed
- you have lost your job
- you receive a pension or government assistance
- you are self-employed
- your bankruptcy is ending soon or has already ended.
If a question doesn't apply to you, write N/A (not applicable).
If you are waiting for supporting documents, you should still return your form as soon as possible. Include details about what documents you are waiting for and send them to us as soon as you can.
If the due date has already passed, return your form as soon as possible.
We are unable to extend the return date.
Statement of income form – frequently asked questions may assist you when completing the form.
Once we have reviewed your statement of income, we will notify you of the outcome in writing.
Request a copy of a statement of income
If your statement of income form has been misplaced or damaged (or you haven't received it as expected), contact AFSA on 1300 364 785 and we will send you a copy.
If the form is emailed, you can complete it on your computer or device once you have downloaded it.
If you have trouble, you may need to download the latest version of Adobe Reader. Otherwise, you can print your form.
Submit your statement of income form
You can send us your completed form online. Remember to include your name and AFSA administration number.
Statement of income form – frequently asked questions
It can be difficult to guess your income if your pay goes up and down. You could use your previous income figures to estimate your future income.
Example: if your income for the last few months differed each week but you were receiving an average of $500 before tax per week (that is, some weeks were higher, some lower but averaging $500).
You would list $26,000 ($500 x 52) as your gross annual income. If your income changes at all, contact your trustee.
Yes. It is your responsibility to complete your tax return with the Australian Taxation Office (ATO).
You need to list your income details and include financial records. We only consider expenses where you have suitable records such as:
- profit and loss statements
- balance sheets
- depreciation schedule, list of assets
- business activity statement.
Your contribution assessment period (CAP) starts on the date you became bankrupt and continues each year. Your trustee assesses your annual income to determine if you need to make payments towards your debts.
For example: if your bankruptcy started on 2 April 2021, your contribution assessment period would be:
- 2 April 2021 – 1 April 2022
- 2 April 2022 – 1 April 2023
- 2 April 2023 – 1 April 2024.
For more information, see: Official Trustee Practice Statement – Income contributions.