Document ID: chunk:federal_register_of_legislation:C2025C00167:schedule:2:p33
Version: federal_register_of_legislation:C2025C00167
Segment Type: schedule
Provision Reference: sch 2 (pt 33/95)
Character Range: 947341–950023

exceeds:
 (i) $50; or
 (ii) if another amount is prescribed—that other amount.

Exception
 (2) Subsection (1) does not apply if, on the application of the trustee of the regulated debtor's estate, the Court is satisfied that the trustee had sufficient reason for failing to comply with the requirement in relation to the amount.

Trustee must pay penalty on excess
 (3) The trustee must, as a penalty, pay interest to the Commonwealth on the excess, worked out:
 (a) at the rate of 20% per year; or
 (b) if another rate is prescribed—at that other rate;
for the period during which the trustee fails to comply with the requirement.
 (4) The trustee is personally liable for, and is not entitled to be reimbursed by the estate in relation to, the payment of that interest.

65‑25  Paying money out of administration account

Money only to be paid out of administration account in accordance with this Act etc.
 (1) The trustee of a regulated debtor's estate must not pay any money out of the administration account for the estate otherwise than:
  (a) for purposes related to the administration of the estate; or
 (b) in accordance with this Act; or
 (c) in accordance with a direction of the Court.

Offence
 (2) A person commits an offence of strict liability if:
 (a) the person is subject to a requirement under subsection (1); and
 (b) the person fails to comply with the requirement.
Penalty: 50 penalty units.

65‑31  Interest on administration account
 (1) The trustee of a regulated debtor's estate is entitled, in his or her personal capacity, to each payment of interest on the administration account for the estate, less an amount equal to the bank fees or charges (if any) paid or payable on the account during the period to which the interest relates.
 (2) If, under subsection (1), the trustee is only entitled to part of a payment of interest, the rest of that payment:
 (a) if the administration account contains money from only one estate of a regulated debtor—forms part of that estate; or
 (b) if the administration account contains money from more than one estate of a regulated debtor or regulated debtors—forms part of those estates in proportion to the respective amounts of money held in the administration account on account of each of those estates.
 (3) Interest on money in the administration account for a regulated debtor's estate is not subject to taxation under a law of the Commonwealth, a State or a Territory except as provided in Part 2 of the Bankruptcy (Estate Charges) Act 1997.

65‑32  Reconciliation of administration account

Application of this section
 (1) This section applies if the trustee maintains a single bank account for more than