How much can I earn and how much can I keep? - Nicholls Co

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How much can I earn and how much can I keep?

How much can I earn and how much can I keep?

FAQs | Bankruptcy and Your Income

How much can I earn?

While you are bankrupt there is no limit on how much you can earn.
If your after-tax income exceeds your threshold amount you will be required to pay income contributions to your bankrupt estate.
Your income threshold amount is determined by the number of dependents you have (see table below). These amounts are regularly adjusted for the CPI.

Number of Dependants

After-tax Income

0

$66,639.30

1

$78,634.37

2

$84,631.91

3

$87,963.88

4

$89,296.66

5 or more

$90,629.45

What is a dependent?

A dependent is classified as a person if they predominantly live with you and their income does not exceed $4,253.00.

How much can I earn?

The amount you can earn based on the applicable threshold is calculated on an annual basis, based on your date of bankruptcy and each anniversary for the three years of your bankruptcy. If your income exceeds your threshold amount, then you will be required to pay income contributions. If your income exceeds your threshold,  you pay 50% of this excess amount to the bankrupt estate, the other 50% is yours.

During bankruptcy, your income is protected for you and comprises:

  • your after-tax income up to your threshold amount, plus
  • 50% of the amount of your after-tax income exceeds your threshold amount.

How is my super treated?

Also, all statutory superannuation paid by your employer during bankruptcy to your regulated super fund is protected and not available to your bankrupt estate.

If you have questions pertaining to your income and bankruptcy, give us a call and we will answer your questions.

For further information on bankruptcy, we recommend our articles ‘Your Income and Bankruptcy’, ‘Pathways to Bankruptcy – Essential Facts’, ‘Life During Bankruptcy’, and ‘The Bankruptcy Option Explained’.

Nicholls & Co has a complementary ‘help desk’ to answer your questions on bankruptcy. Call Nicholls & Co on 1300 060 122 or email helpdesk@nichollsco.com.au.

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