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The Bankruptcy Act & Regulations contains a number of thresholds, limits and other amounts that are changed twice yearly in line with the Consumer Price Index.
All thresholds for income are based on net income levels. ie. your pay after Tax & Medicare levy.
| Unsecured Debts - for a Debt Agreement |
$83,647 |
| Income Level - for a Debt Agreement |
$62,735 net |
Assets - for a Debt Agreement.
(this amount refers to the value freehold or the equity
being the value less the sum owed under finance)
|
$83,647 |
Vehicles
(this amount refers to the value freehold or the equity
being thevalue less the sum owed under finance)
|
$6,500 |
Tools of Trade
|
$3,250.00 |
Registered Trustee Minimum Fee
|
$1,665 |
Credit Limit
(when applying for, or buying goods and services
on credit or by cheque)
|
$4,664 |
Base Income Threshold
for Bankruptcy before compulsory contributions are required.
Compulsory contributions are paid at the rate of 50c in every dollar of
your net income over the relevant threshold for each year of your
bankruptcy (a dependant can earn up to $2,753.00)
No dependants |
$41,824 |
1 Dependant |
$49,352 |
2 Dependants |
$53,116 |
3 Dependants |
$55,207 |
|
4 Dependants |
$56,044 |
over 4 Dependants |
$56,880 |
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