Commonwealth legislation

Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 2013

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

This determination sets the fee that bankruptcy trustees must pay to the government when they administer a bankrupt person's estate.

What it does

Sets the estate charge at 4.7% of money collected from bankrupt estates (such as from selling assets or recovering debts)
Replaces the previous 2011 determination, updating the percentage rate

Who it affects

Bankruptcy trustees: The professionals appointed to manage a bankrupt person's financial affairs must pay this charge to the government
Creditors: Indirectly affected because this charge reduces the total amount available to pay back debts owed to them

Why it matters This is a government levy on bankruptcy administrations. When a trustee collects money from a bankrupt estate, 4.7% of those funds must be paid to the Commonwealth as an administrative charge. The determination ensures the government receives revenue to cover the costs of regulating the bankruptcy system.

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Current sections

Direct links to the current provisions in Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 2013.

Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 2013

Commonwealth Coat of Arms

Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 2013

Bankruptcy (Estate Charges) Act 1997

I, MARK DREYFUS, Attorney-General, make this Determination under subsection
7(2) of the Bankruptcy (Estate Charges) Act 1997.

Dated 17 June 2013

MARK DREYFUS QC

Attorney-General

1 Name of Determination

This Determination is the Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 2013.

2 Commencement

This Determination commences on 1 July 2013.

3 Repeal

The Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 2011 is repealed.

4 Amount of charge payable

For subsection 7(2) of the Bankruptcy (Estate Charges) Act 1997, the percentage is 4.7%.

Note

Note: 1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 2013

Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 2013

Bankruptcy (Estate Charges) Act 1997

I, MARK DREYFUS, Attorney-General, make this Determination under subsection
7(2) of the Bankruptcy (Estate Charges) Act 1997.

Dated 17 June 2013

MARK DREYFUS QC

Attorney-General

1 Name of Determination

This Determination is the Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 2013.

2 Commencement

This Determination commences on 1 July 2013.

3 Repeal

The Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 2011 is repealed.

4 Amount of charge payable

For subsection 7(2) of the Bankruptcy (Estate Charges) Act 1997, the percentage is 4.7%.

Note

Note: 1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.