Use this calculator as a guide only to estimate the annual contribution you may need to pay under bankruptcy. This amount changes with how many dependants you have.
What is a dependant?
We classify a dependant as someone who meets all of the below:
What are contributions?
If your trustee determines you are earning over the income set amount, they'll ask you to pay income contributions[?]. Contributions is the word we often use for compulsory payments from your income.
Your trustee can use these contributions to help repay your debts. Your trustee will notify you how and when you need to make payments. Compulsory income payments are:
- 50% of the amount you earn above the income threshold (set amount).
- Paid by you to your trustee, and may go towards your creditors.
- Calculated by your trustee to determine the amount you need to pay, if any.
If you have any enquiries about these payments, contact your trustee.
For more information see: Official Trustee Practice Statement 1 - Income contributions.
Based on your feedback we have updated the income contributions calculator to include the option to input either annual or fortnightly after tax income.