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).

$7,700

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.

$5,602

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

Warning

Failure to disclose bankrupt or debtor status in the above mentioned circumstances can result in criminal penalties.

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.

$21

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.

$110,892.60

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.

$83,169.45

Registered trustee minimum fee entitlement

Trustees administering a bankruptcy, PIA or s188 authority commencing or executed on or after 1 December 2010 may recover this amount as remuneration from the estate where remuneration otherwise payable is less than this amount^.

$5,000*

s161B(1)

Limits updated quarterly

Extent of priority for employee amounts

If an employee is owed money 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.

$4,400

s109(1)(e) and R6.02

Base Income Threshold Amount (BITA) no dependants

Used when calculating a bankrupt's income contributions

(net of tax)
$55,446.30

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.

$3,532

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