Commonwealth Numbered Regulations

1996 No. 263 BANKRUPTCY REGULATIONS - REG 6.04

6.04. (1) For the purposes of subparagraph 116 (2) (c) (i) of the Act, the
maximum total value of bankrupt's property that is for use by the bankrupt in
earning income by personal exertion is:

   (a)  in the case of a bankruptcy occurring in the period commencing on the
        commencement date and ending at the end of 30 June 1997 - $2,600; or

   (b)  in the case of a bankruptcy occurring in a financial year commencing
        on 1 July 1997 or on 1 July of a subsequent year - the amount worked
        out in accordance with subregulation (2).

(2) For the purposes of subparagraph (1) (b), the applicable amount is:

   (a)  in the case of the financial year commencing on 1 July 1997 - $2,600
        increased in accordance with the CPI rate for the financial  year that
        commenced on 1 July 1996 and rounded down to the nearest multiple of
        $50; and

   (b)  in the case of a subsequent financial year - the amount worked out in
        accordance with this subregulation for the immediately preceding
        financial year, increased in accordance with the CPI rate for that
        financial year and rounded down to the nearest multiple of $50.

(3) For the purposes of paragraph 116 (2) (ca) of the Act, the maximum
aggregate value of property used by the bankrupt primarily as a means of
transport is:

   (a)  in the case of a bankruptcy occurring in the period commencing on the
        commencement date and ending at the end of 30 June 1997 - $5,000; or

   (b)  in the case of a bankruptcy occurring in a financial year commencing
        on 1 July 1997 or on 1 July of a subsequent year - the amount worked
        out in accordance with subregulation (4).

(4) For the purposes of subparagraph (3) (b), the applicable amount is:

   (a)  in the case of the financial year commencing on 1 July 1997 - $5,000
        increased in accordance with the CPI rate for the financial  year that
        commenced on 1 July 1996 and rounded down to the nearest multiple of
        $50; and

   (b)  in the case of a subsequent financial year - the amount worked out in
        accordance with this subregulation for the immediately preceding
        financial year, increased in accordance with the CPI rate for that
        financial year and rounded down to the nearest multiple of $50.