Document ID: chunk:federal_register_of_legislation:C2025C00167:section:185c:p5
Version: federal_register_of_legislation:C2025C00167
Segment Type: section
Provision Reference: s 185C (pt 5/5)
Character Range: 564982–566897

the debtor's statement of affairs was signed by the debtor; and
 (ii) any other relevant matters;
  the proposed administrator is satisfied that the debtor is likely to be able to discharge the obligations created by the agreement as and when they fall due.
 (4D) A person commits an offence of strict liability if:
 (a) the person gives a certificate under paragraph (4C)(b); and
 (b) before giving the certificate, the person did not:
 (i) make reasonable inquiries about the debtor's financial situation; or
 (ii) take reasonable steps to verify the debtor's financial situation.
Note: See also section 277B (about infringement notices).
Penalty: 60 penalty units.
 (5) In this section:
after tax income, in relation to a debtor and a year, means the amount that is likely to be the taxable income of the debtor for the year less the income tax and the medicare levy imposed on that taxable income (worked out treating the year as a year of income if it is not actually a year of income).
Note: For the purposes of this definition, taxable income, income tax and year of income have the same meanings as in the Income Tax Assessment Act 1936, and medicare levy means the levy imposed by the Medicare Levy Act 1986.
lease includes a sublease.
long‑term lease means a lease granted by the Commonwealth, a State or a Territory for a term (including any extension or renewal) that is reasonably likely, at the time the lease is granted, to exceed 20 years.
low income debtor amount means the amount determined in an instrument under subsection (4B) for the purposes of this definition.
threshold amount, in relation to a particular time, means 7 times the amount that, at that time, is specified in column 3, item 2, Table B, point 1064‑B1, Pension Rate Calculator A, in the Social Security Act 1991.
unsecured debt includes the amount by which the value of a debt exceeds the value of a security given for the debt.