Indexed amounts

Tools

A bankrupt may keep tools used to earn an income up to this limit.

$3,750

s116(2)(c)(i) and R6.03B (1) & (2)

Vehicles

A bankrupt may keep vehicles (cars or motorbikes) used mainly for transport up to this limit. The amount refers to the equity in the vehicles (the value of the vehicles less the sum owing under finance).

$7,900

s116(2)(ca) and R6.03B (3) & (4)

Above this limit, bankrupts and debt agreement debtors* must disclose their bankrupt or debtor status when seeking to obtain goods or services on credit, by hire purchase or cheque; when leasing, hiring or promising to pay for goods and services; or when seeking to obtain an amount by promising to supply goods or render services.

$5,726

s269(1)(a), (aa), (ab), (ac), (ad) and s304A(1)(j)

Warning

It is a criminal offence if you are bankrupt or subject to a debt agreement to obtain or attempt to obtain credit in certain circumstances. Severe penalties apply to these offences.

Attendance

A person, other than a bankrupt, who attends before the Official Receiver or authorised officer to give evidence/information is entitled to this allowance.

$22

s77D(1)(a) and s304A(1)(a)

Advances

Where a person is required to attend before the Official Receiver, the Official Receiver must offer the following advances on allowances and reimbursement of expenses before a person begins travelling by:

• aircraft

• private motor vehicle

• other

Unsecured debts

A person cannot propose a debt agreement if their unsecured debts are more than this limit.

Unsecured assets

A person cannot propose a debt agreement if their divisible property is more than this limit.

$113,349.60

s185C(4)(b), (c) & (5)

Income level

A person cannot propose a debt agreement if their after tax income for the year is more than this limit.

$85,012.20

Registered trustee minimum remuneration entitlement

Trustees who are appointed, or who consent to act, before 1 September 2017 in respect of the administration of a bankruptcy, PIA or s188 authority commencing or executed prior to 1 December 2010, may recover this amount as remuneration from the estate or, if there are insufficient funds in the estate, from the bankrupt.

$1,886

s161B(1) and (2) - as in force prior to 1 December 2010

Registered trustee maximum default amount of remuneration

Trustees who are appointed, or who consent to act, on or after 1 September 2017 in respect of the administration of a bankruptcy, PIA or s188 authority (regardless of date when the bankruptcy commences, or the PIA or s188  authority is executed) are entitled to this amount of remuneration if their remuneration is not determined by creditors, a committee of inspection or the Inspector-General in Bankruptcy.

$5,202

s60-15 of Schedule 2 - as in force from 1 September 2017

Extent of priority for employee amounts

If an employee is owed certain moneys by a bankrupt, they are entitled to receive payment of any dividends issued in preference to those issued to other unsecured creditors, up to this limit.

Base Income Threshold Amount (BITA) no dependants

Used when calculating a bankrupt's income contributions

(net of tax)
$56,674.80

s139K

Actual Income Threshold Amount (AITA) with dependants

Used when calculating a bankrupt's income contributions which vary according to the number of dependants.

s139K

Amount a person can earn and still remain a 'dependant'

A person may earn income up to this limit during the contribution assessment period and still be considered a dependant for the purpose of calculating a bankrupt's income contribution liability.

$3,610

s139K and R6.15A

This is the minimum amount upon which a bankruptcy notice can be issued (it may be comprised of one or more final judgments/orders)

$5,000

s41