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What happens to tools of trade I have for my work/business?

In bankruptcy, you can keep “tools of trade” property you use to earn an income to an amount that the government (AFSA) indexes.

Currently the amount for tools of trade you can keep is $4,350. This amount is updated each financial year by AFSA - check the current amounts here.

Disclaimer

The enclosed information is of necessity a brief overview and it is not intended that readers should rely wholly on the information contained herein. No warranty express or implied is given in respect of the information provided and accordingly no responsibility is taken by Worrells or any member of the firm for any loss resulting from any error or omission contained within this fact sheet.

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What happens to tools of trade I have for my work/business?

In bankruptcy, you can keep “tools of trade” property you use to earn an income to an amount that the government (AFSA) indexes.

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