Bankruptcy Act 1966

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (BANKRUPTCY)  

Note: See section 4A .

PART 3 - GENERAL RULES RELATING TO ESTATE ADMINISTRATIONS  

Division 60 - Remuneration and other benefits received by the trustee  

Subdivision B - Remuneration of trustees  

SECTION 60-15   MAXIMUM DEFAULT AMOUNT  
Maximum default amount

60-15(1)    
The maximum default amount for a trustee is an amount (exclusive of GST) worked out as follows:

(a) if the trustee is appointed as the trustee of the regulated debtor ' s estate during the financial year beginning on 1 July 2016 - $5,000;

(b) if the trustee is appointed as the trustee of the regulated debtor ' s estate during a financial year beginning on or after 1 July 2017 - the greater of:

(i) the amount worked out by multiplying the indexation factor for the financial year (worked out under subsections (3) and (4)) by the maximum default amount for a trustee appointed as the trustee of a regulated debtor ' s estate during the previous financial year; and

(ii) the amount (if any) prescribed for the purposes of this subparagraph.

Rounding

60-15(2)    
Amounts worked out under subsection (1) must be rounded to the nearest whole dollar (rounding 50 cents upwards).

Indexation factor

60-15(3)    
Subject to subsection (4), the indexation factor for a financial year is the number worked out by dividing the index number for the March quarter immediately preceding that financial year by the index number for the March quarter immediately preceding that first-mentioned March quarter.

60-15(4)    
If an indexation factor worked out under subsection (3) would be less than 1, the indexation factor is to be increased to 1.

Changes to CPI index reference period and publication of substituted index numbers

60-15(5)    
In working out the indexation factor:

(a) use only the index numbers published in terms of the most recently published index reference period for the Consumer Price Index; and

(b) disregard index numbers published in substitution for previously published index numbers (except where the substituted numbers are published to take account of changes in the index reference period).

Definition - index number

60-15(6)    
In this section:

index number
, in relation to a quarter, means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Australian Statistician in respect of that quarter.