Your Income

Many people think and are told that if you go bankrupt you will lose part of your income. For most people who go bankrupt, this is not true. There is a protected amount, which is always yours to keep. Currently this amount is $1,100.75 after tax per week for a person with no dependants.

The more dependants you have the higher the protected amount.

Here are the protected amounts. They are all after tax.

  • Dependants     Weekly                         Yearly
  • 0                     $1,100.75                      $57,239.00
  • 1                      $1,298.89                      $67,542.02
  • 2                      $1,397.95                      $72,693.53
  • 3                      $1,452.99                      $75,555.48
  • 4                      $1,475.01                      $76,700.26
  • over 4              $1,497.02                      $77,845.04

If you need to go bankrupt and you are worried about income, call us and we will explain how it will affect you. Most people are surprised at how generous the protected amounts are.

For a free friendly chat call us During office hours:

Monday to Friday – 9.00am to 5.00pm

PHONE 1300 163 017

Australia wide – We can help you wherever you are in Australia.