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Your trustee may ask for financial information from you during bankruptcy. You can face penalties if you don’t provide the requested information.
Your trustee may ask about your:
- bank accounts
If the Official Trustee(AFSA)handles your bankruptcy, we call this request a statement of income. You may receive a statement of income form once a year or when your circumstances change.
Why does my trustee want to know about my income?
We use this information to decide if you need to make compulsory payments (or income contributions), based on your assets and income. You will only need to make payments if you meet certain criteria. Once we have reviewed your statement of income, we will notify you of the outcome in writing.
Estimate income contributions
Use our income contributions calculator to estimate the annual contribution you may need to pay during bankruptcy.
For more information, see Official Trustee Practice Statement - Income contributions.
If you receive a statement of income, you must complete and return it
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).
Return your form by the due date
We are unable to extend the return date.
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.
You can download another copy of your statement of income
You may need a copy if we sent you a form that you haven’t received or you have misplaced your form.
Only complete the statement of income if we have asked you to.
You can fill out the form on your computer or device once you have downloaded it. If you have trouble, you may need the latest version of Adobe Reader DC. Download it here: https://acrobat.adobe.com/au/en/acrobat/pdf-reader.html. Otherwise, you can print your form.
You can send us your form online. Remember to include your name and AFSA administration number.
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.
For example, you were receiving $500 before tax per week for the last several months.
You would list $500 x 52 = $26,000 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 ATO (Australian Taxation Office).
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.
We will look at your annual income to decide if you need to make payments towards your debts. Your assessment period starts on the date you became bankrupt and continues each year.
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.