Document ID: chunk:federal_register_of_legislation:F2021C00414:reg:3:p3
Version: federal_register_of_legislation:F2021C00414
Segment Type: reg
Provision Reference: reg 3 (pt 3/7)
Character Range: 15880–18502

of the bankrupt, debtor or deceased person up to that time.
costs of administration means the proper costs, charges and expenses of administration of the estate, other than:
 (a) any realisation charge paid or payable by the Official Trustee under an Act; and
 (b) any remuneration paid or payable to the Official Trustee under this Determination.
debts means the total of:
 (a) the taxed costs of the petitioning creditor; and
 (b) proved or provable debts of the estate or debtor, including interest accrued before the date of bankruptcy; and
 (c) if they are interest‑bearing debts — interest accrued on and after that date on those debts.
securities means the amount paid to secured creditors in relation to their securities up to that time.
Example
If the realised balance calculated under paragraph (a) is $3 500, but under paragraph (b) the costs of administration and the amount of debts totals only $3 000, the realised balance is taken to be $3 000.
 (2) For subsection (1), property vested in the Official Trustee because of section 58 of the Act in connection with the estate of a bankrupt or deceased person is taken, unless the Court otherwise orders, to have been realised or brought to credit by the Official Trustee if:
 (a) the property is applied by the bankrupt, or a person acting on behalf of the bankrupt or deceased person, in payment of a creditor of the estate; and
 (b) the Official Trustee is consequently prevented from realising or bringing to credit the value of the property.
Division 3.2 Remuneration not exempt from GST
3.03 Work in relation to carrying on business or taking control of property under section 50 of the Act
 (1) This section applies if the Official Trustee:
 (a) takes control of the property of a debtor under a direction of the Court under section 50 of the Act; or
 (b) carries on the business of a bankrupt or deceased person; or
 (c) having been directed to take control of the property of a debtor under section 50 of the Act, carries on the business of the debtor.
 (2) The remuneration that is payable to the Official Trustee for work mentioned in subsection (1) is $62.50 for each period of 15 minutes, or part of 15 minutes.
3.04 Work in relation to compositions or arrangements with creditors
 (1) Subject to subsection (2) and section 3.10, if the Official Trustee performs work under Division 6 of Part IV of the Act, the remuneration payable to the Official Trustee is 20% of the value of the composition or scheme of arrangement accepted by the creditors in accordance with that Division.
 (2) If the Official Trustee transfers work mentioned in subsection