BANKRUPTCY ACT 1966

PART VI - ADMINISTRATION OF PROPERTY  

Division 4B - Contribution by bankrupt and recovery of property  

Subdivision C - Income  

SECTION 139M   DERIVATION OF INCOME  

139M(1)   [Income taken to be derived]  

Income is taken to be derived by a bankrupt for the purposes of this Division even though it is not actually received by the bankrupt because:


(a) an amount is deducted from it, or it is wholly or partly otherwise applied, under a law of the Commonwealth, of a State or of a Territory; or


(b) it is reinvested, accumulated or capitalised; or


(c) it is dealt with on behalf of the bankrupt or as the bankrupt directs.

139M(2)   [Income bankrupt likely to derive]  

A reference in this Division to the income that a bankrupt is likely to derive during a contribution assessment period includes a reference to income that the bankrupt has derived during that period.

139M(3)   [Reference to income derived includes]  

A reference in this Division to income derived by a bankrupt during a contribution assessment period includes a reference to income so derived in respect of work done or services performed by the bankrupt before that period or work to be done or services to be performed by the bankrupt after that period.




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