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Bankruptcy and Family Law Legislation Amendment Bill 2005

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4505

2004—2005

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

Bankruptcy and Family Law Legislation Amendment Bill 2004

 

 

(1)     Schedule 3, page 24 (after line 5) before item 1, insert:

1A  After section 121

Insert:

121A  Rebuttable presumptions of insolvency

             (1)  A rebuttable presumption that a person is deemed to be insolvent arises for the purposes of section 120 and 121 where it is established that the person:

                     (a)  has made a transfer of property; and

                     (b)  had an outstanding tax return, or outstanding tax returns, at the time the transfer of property was made.

             (2)  A rebuttable presumption that a person is deemed to be insolvent arises for the purposes of section 120 and 121 where it is established that the person:

                     (a)  has made a transfer of property; and

                     (b)  has failed to keep adequate books, accounts and records in accordance with section 270.

[rebuttable presumptions of insolvency]

(2)     Schedule 2, page 24 (after line 13), after item 2, insert:

2A  At the end of section 139A

Add:

             (2)  Without limiting the applications or orders which may be made in accordance with subsection (1), a trustee may apply to the court and the court may order that a person who is bankrupt is not released from a tax debt which the person owes.

Note:          Tax debt has the same means as in section 8AAZA of the Taxation Administration Act 1953.

[court direction to maintain a bankrupt’s tax liability]