Tools that are not available for payment of debts
29 Tools that are not available for payment of debts
For the purposes of subparagraph 116(2)(c)(i) of the Act, the maximum total value of a bankrupt’s property that is for use by the bankrupt in earning income by personal exertion is:
if the date of the bankruptcy is in a financial year specified in column 1 of an item of the following table—the amount specified in column 2 of that item; or
if the date of the bankruptcy is in the financial year beginning on 1 July 2020—$3,800; or
if the date of the bankruptcy is in the financial year beginning on 1 July 2021 or a later financial year—$3,800:
indexed in accordance with section 114 of this instrument; and
rounded down to the nearest multiple of $50.
Indexed amounts could in 2021 be viewed on the Australian Financial Security Authority’s website (http://www.afsa.gov.au).
Maximum total value of tools | ||
|---|---|---|
Item | Column 1 Financial year | Column 2 Amount |
1 | 2019‑20 | $3,800 |
2 | 2018‑19 | $3,800 |
3 | 2017‑18 | $3,750 |
4 | 2016‑17 | $3,700 |
5 | 2015‑16 | $3,650 |
6 | 2014‑15 | $3,600 |
7 | 2013‑14 | $3,550 |
8 | 2012‑13 | $3,500 |
9 | 2011‑12 | $3,450 |
10 | 2010‑11 | $3,400 |
11 | 2009‑10 | $3,300 |
12 | 2008‑09 | $3,250 |
13 | 2007‑08 | $3,200 |
14 | 2006‑07 | $3,100 |
15 | 2005‑06 | $3,050 |
16 | 2004‑05 | $3,000 |
17 | 2003‑04 | $2,950 |
18 | 2002‑03 | $2,900 |
19 | 2001‑02 | $2,850 |
20 | 2000‑01 | $2,800 |
21 | 1999‑2000 | $2,650 |
22 | 1998‑99 | $2,600 |
23 | 1997‑98 | $2,600 |
24 | 1996‑97 | $2,600 |
This Act’s bill:Explanatory statement
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