A bankrupt’s income is assessed to determine whether contributions must be paid. Section 139L of the Bankruptcy Act sets out the definition of income to be assessed.
Income Thresholds before Income Contributions become Payable (after tax & section 139N deductions):
- $70,006.30 – No Dependants
- $82,607.43 – 1 Dependant
- $88,908.00 – 2 Dependants
- $92,408.32 – 3 Dependants
- $93,808.44 – 4 Dependants
- $95,208.57 – 5+ Dependants
- Maximum Dependant Income – $4,253.00
There are a range of “threshold amounts” and dependants criteria that the government department, Australian Financial Security Authority (AFSA) sets twice a year (March & September).
The maximum dependant income amount is updated each financial year.
Last updated: 20 March 2024.