Commonwealth Consolidated Acts

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Contribution payable by bankrupt

    The contribution that a bankrupt is liable to pay in respect of a contribution assessment period is the amount worked out in accordance with the formula:

    Start formula start fraction Assessed income minus Actual income threshold amount over 2 end fraction end formula


"Assessed income" means the amount assessed by the trustee to be the income that the bankrupt is likely to derive, or derived, during the contribution assessment period.

"Actual income threshold amount" means the actual income threshold amount assessed by the trustee to be applicable in relation to the bankrupt when the assessment is made.

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