Commonwealth Consolidated Acts

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BANKRUPTCY ACT 1966 - SECT 139K

Definitions

                   In this Division, unless the contrary intention appears:

"actual income threshold amount " , at the time an assessment is made in relation to a contribution assessment period, means:

                     (a)  if the bankrupt does not have any dependants at that time--the base income threshold amount; or

                     (b)  if the bankrupt has one dependant at that time--the base income threshold amount increased by 18%; or

                     (c)  if the bankrupt has 2 dependants at that time--the base income threshold amount increased by 27%; or

                     (d)  if the bankrupt has 3 dependants at that time--the base income threshold amount increased by 32%; or

                     (e)  if the bankrupt has 4 dependants at that time--the base income threshold amount increased by 34%; or

                      (f)  if the bankrupt has more than 4 dependants at that time--the base income threshold amount increased by 36%.

"assessment " , in relation to a contribution assessment period, means the original assessment or a subsequent assessment in respect of that period.

"base income threshold amount " , at the time when an assessment is made in relation to a contribution assessment period, means:

                     (a)  for a contribution assessment period of one year--3.5 times the amount that, at that time, is specified in column 3, item 2, Table B, point 1064-B1, Pension Rate Calculator A, in the Social Security Act 1991 ; or

                     (b)  for a contribution assessment period less than one year--a proportionally smaller amount based on the number of whole days in the period.

"contribution assessment period " , in relation to a bankrupt, means a period that:

                     (a)  begins on the day the bankrupt becomes a bankrupt or an anniversary of that day during the bankruptcy; and

                     (b)  ends one year after that day or anniversary, as the case requires, or if the bankrupt is discharged or the bankruptcy is annulled within that year, ends upon the discharge or annulment.

"dependant " , in relation to a bankrupt in relation to a contribution assessment period, means a person who satisfies all the following conditions:

                     (a)  the person resides with the bankrupt;

                     (b)  the person is wholly or partly dependent on the bankrupt for economic support;

                     (c)  the income derived (or likely to be derived) by the person during the contribution assessment period is not more than the amount prescribed by the regulations for the purposes of this paragraph.

For the purposes of this definition, income has its ordinary meaning.

"derived " means earned, derived or received from any source, whether within or outside Australia.

"income " , in relation to a bankrupt, has the meaning given by section 139L.

"income tax " includes Medicare levy.

"original assessment " , in relation to a contribution assessment period, means the assessment made by the trustee under subsection 139W(1) in respect of that period.

"spouse " , in relation to a bankrupt, includes a de facto partner of the bankrupt.

"subsequent assessment " , in relation to a contribution assessment period, means an assessment made by the trustee under subsection 139W(2) in respect of that period.

"value " , in relation to property referred to in a notice, means the market value of the property when the notice is given.



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