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You can cancel your bankruptcy at anytime, but to do this you must pay out your debts.
Bankruptcy will not affect your Centrelink payments, even if a debt is with Centrelink.
Who Is My Trustee?
How Much am I Able to Earn Whilst Bankrupt?
What Happens to My Centrelink Debts?
What Happens if One of My Debts is to The ATO?
How Does Bankruptcy Affect My Centrelink Payments?
Can I Operate a Company or Business Whilst Bankrupt?
You can operate a business whilst bankrupt (Sole TRader or Partnership), but you can not be a director of a company.
This varies according to the number of dependants you have, refer to the chart below.
Can I Cancel My Bankruptcy Anytime I Wish?
If your take home income exceeds the amounts shown in the table above you will be required to pay back 50% of the amount above your allowable income. This is calculated on the financial year, any money collected will be distributed to your creditors.
Centrelink will not try to recover their debt whilst you are bankrupt, but can persue the debt once you have been discharged.
You may travel overseas during your bankruptcy, but you must notify your trustee and get their written permission. Your trustee can ask questions such as, "who is funding the trip", etc.
Your trustee during bankruptcy will be Insolvency And Trustee Services Australia.
Will it Affect Overseas Travel?
Number of Dependents
Net Allowable Income
Annual
Average Weekly
None
$44,189.60
  $849.80
One
$52,143.73
$1002.76
Two
$56,120.79
$1079.23
Three
$58,330.27
$1121.73
Four
$59,214.06
$1138.73
Over Four
$60,097.86
$1155.72
  
If any of your debts are with the ATO, they can keep any tax refunds that become due to you during your bankruptcy period for the money owed to them.