Bankruptcy Legislation Amendment (Superannuation Contributions) Act 2007 (57 of 2007)

Schedule 1   Amendments relating to superannuation contributions

Part 2   Amendments commencing on Proclamation

Bankruptcy Act 1966

32   Subsection 139ZQ(1)

Omit “the money or the value of the property received.”, substitute:

whichever of the following is applicable:

(c) if:

(i) the transaction is void against the trustee under section 128B or 128C; and

(ii) the transaction is by way of a contribution to an eligible superannuation plan for the benefit of a person (the beneficiary ) who may or may not be the bankrupt; and

(iii) the beneficiary is a member of the eligible superannuation plan;

whichever is the lesser of the following:

(iv) the money or the value of the property received;

(v) the beneficiary’s withdrawal benefit in relation to the eligible superannuation plan;

(d) in any other case - the money or the value of the property received.