A statement of income form is a request for information about your income[?]. You may receive this if your trustee is the Official Trustee[?] (AFSA). See the following tips about completing this form.
Do I need to answer every question?
Yes. If it doesn't apply to you, write N/A (not applicable).
I have casual or infrequent employment. How do I estimate my income?
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.
Do I have to return the statement of income if I've lost my job?
Yes. Regardless of your circumstances, you still need to complete the form.
Do I need to complete my tax return?
Yes. It is your responsibility to complete your tax return with the ATO (Australian Taxation Office).
I have lost my copy of a tax document, what can I do?
The ATO can forward you copies of your tax return. This may include copies of an e-Tax lodgement, Notice of Assessment or PAYG Payment Summary. Contact the Australian Taxation Office for more information.
I am self-employed, what do I need?
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.
What is the contribution assessment period?
We will look at your annual income to decide if you need to make payments toward 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 2015. Your contribution assessment period would be:
2 April 2015 – 1 April 2016
2 April 2016 – 1 April 2017
2 April 2017 – 1 April 2018
For more information see: Official Trustee practice Statement OTPS1 - Income Contributions