Effect of garnishee or attachment order
1061ZZBO Effect of garnishee or attachment order
This section applies if:
a person has an account with a financial institution (whether the account is maintained by the person alone, or jointly or in common with someone else); and
a court order in the nature of a garnishee order comes into force in respect of the account; and
an amount of financial supplement has been paid (whether on the person’s own behalf or not) to the credit of the account in the 4 weeks immediately before the court order came into force.
The court order does not apply to the saved amount (if any) in the account.
The saved amount is the amount worked out using the following Method statement.
Method statement
Step 1. Work out the amount of financial supplement paid to the credit of the account in the 4 weeks.
Step 2. Subtract from that amount the total amount withdrawn from the account in the 4 weeks.
The amount left is the saved amount.
This Act’s bill:Second reading speech
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