VOLUNTARY BANKRUPTCY

B.WHAT IS ASSESSED INCOME? PART 3 OF 7.

Assessed income for bankruptcy purposes includes your earnings, salary or wages plus other financial benefits received by you from various sources less the tax paid or payable, including the medicare levy on such amount and if applicable, child support or maintenance payments.

It Includes.
-wages and salary including second jobs.
-tax refunds for financial years during bankruptcy.
-fringe benefits from your employer or others. eg. use of a car, subsidised rent.
-salary sacrifice arrangements.
-business profits.
-some benefits and pensions.
-income you earn which is paid to someone else.

Your trustee will be able to answer any questions you have about what is included as income.
WARNING: you must disclose all income and benefits to your trustee.Harsh penalties apply for non-compliance.
Your trustee will calculate your assessed income by:
-determining your total income from all sources.
-deducting your income tax, medicare levy and child support or maintenance payments.