10Maximum value of property to be protected

10 Maximum value of property to be protected

(1)  In this regulation –

protected amount means the maximum value of ordinary tools of trade that are to be protected from restraint or forfeiture under the Act.

(2)  For the purposes of section 191(3)(a) of the Act, the protected amount under section 191(2)(a) of the Act is –

(a) in the case of the financial year commencing on 1 July 2024, $4 350 per person; and

(b) for each subsequent financial year, the amount prescribed, under section 116(2)(c)(i) of the Bankruptcy Act 1966 of the Commonwealth, as the maximum total value that applies under that section for the financial year.