During bankruptcy your trustee may ask for financial information from you. You can face penalties if you don’t provide your details.
Your trustee may ask about your:
- bank accounts
If the Official Trustee[?] (AFSA) handles your bankruptcy, we call this request a statement of income. You may receive a statement of income form once a year or when your circumstances change.
Why does my trustee want to know about my income?
We use this information to decide if you need to make compulsory payments[?], based on your assets and income[?]. You will only need to make payments if you meet certain criteria. Once we have assessed your statement of income we will notify you of the outcome in writing.
For more information see: Official Trustee Practice Statement OTPS1- Income Contributions
If you receive a statement of income, you must complete and return it
You could face penalties if you don’t provide information requested by your trustee. This applies even if:
- your income hasn't changed
- you are unemployed
- you receive a pension or government assistance
- you are self-employed
- your bankruptcy is ending soon or has already ended.
Return your form by the due date
We are unable to extend the return date.
If you are waiting for supporting documents, you should still return your form as soon as possible. Include details about what documents you are waiting for and send them to us as soon as you can.
If the due date has already passed, return your form as soon as possible.
If you don’t return your form your trustee could over-estimate your income
If you don’t tell the Official Trustee what your current income is, the Official Trustee may estimate your income based on the best information available. The Official Trustee will then calculate the contribution that you need to pay based on this estimate of your income. This could mean you pay a higher contribution than you need to.
If you later provide your income details and it turns out you have paid a higher contribution than you needed to, you are not entitled to any refunds.
If you don’t return your completed statement of income, the Official Trustee will lodge an objection to discharge. This means your bankruptcy could be extended to five or eight years, instead of three.
This is why it is so important to return your Statement of Income on time.
If you don’t return your form you could face penalties
Under certain circumstances, the Official Trustee may refer your case to AFSA’s Enforcement team as you may have committed a criminal offence.
You can download another copy of your statement of income
You may need a copy of your statement of income if:
- we sent you a form that you haven’t received
- you have misplaced your form.
Only complete a statement of income if we have asked you to.
You can fill out the form on your computer or device once you have downloaded it. If you have trouble you may need the latest version of Adobe Reader DC. Download it here: https://acrobat.adobe.com/au/en/acrobat/pdf-reader.html. Otherwise, you can print your form.
You can send us your form online. Remember to include your name and AFSA administration number[?].
Help to complete your form
For answers to frequently asked questions, see: I need assistance with my statement of income form.