Document ID: chunk:federal_register_of_legislation:C2004A04637:body:0:p4
Version: federal_register_of_legislation:C2004A04637
Segment Type: other
Provision Reference: 
Character Range: 8819–11817

RBL is $800,000 and the bankrupt has 2 items of paragraph (2)(d) property each with a value of $500,000, the rules could provide that subsection (1):

        (a) does not extend to the first item; and

           (b) does not extend to so much of the value of the second item as equals $300,000.

     "(7) The rules may provide for a special method of working out the value of a specified kind of property for the purposes of subsection (5).

      "(8) The rules may provide for the trustee of:

             (a) a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993; or

             (b) an approved deposit fund within the meaning of that Act;

     to issue a written evidentiary certificate about the value of the interest of the bankrupt in the fund. The rules may provide that, in proceedings under this Act, the certificate is prima facie evidence of the value of the interest for the purposes of subsection (5).

      "(9) In subsections (5) to (8) (inclusive):

     'value' includes amount.".

Meaning of income

  8. Section 139L of the Principal Act is amended:

     (a) by omitting "a payment" from paragraph (a) of the definition of "income" and substituting "an annuity or pension paid";

     (b) by inserting "of annuity or pension" before "received" in paragraph (c) of that definition;

  (c) by inserting the following definition:

    " 'pension' includes a pension within the meaning of the Superannuation Industry (Supervision) Act 1993.".

Vesting of property on making of order

  9. Section 249 of the Principal Act is amended:

     (a) by omitting subparagraph (6)(a)(ii) and substituting the following subparagraph:

        "(ii) so much of:

              (A) the proceeds of a policy of life assurance or endowment assurance; or

              (B) a payment from a regulated superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993) or an approved deposit fund (within the meaning of that Act);

         as would not have been divisible among the creditors of the deceased person under Part VI if:

           (C) the deceased person had not died; and

              (D) a sequestration order had been made against the deceased person immediately before his or her death; and

              (E) the amount concerned had been paid immediately before his or her death;";

    (b) by omitting subparagraph (7)(a)(ii) and substituting the following subparagraph:

        "(ii) so much of:

              (A) the proceeds of a policy of life assurance or endowment assurance; or

              (B) a payment from a regulated superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993) or an approved deposit fund (within the meaning of that Act);

         as would not have been divisible among the creditors of the deceased person under Part VI if:

           (C) the deceased person had not died; and

              (D) a sequestration