GDP adjustment for 2019-20 GST and PAYG instalments

Version: 

2020

Original Published Date: 

28/05/2019 - 09:45am

Effective Date: 

01/07/2019 - 12:00pm

Status: 

  • Current

Tax Category: 

  • Tax preparation

Resource Type: 

  • Statement of formula / rates and thresholds

Description: 

Each year we increase GST and pay as you go (PAYG) instalment amounts using a formula  known as the gross domestic product (GDP) adjustment. This is based on data published by the Australian Bureau of Statistics.

From 1 July 2019, the GDP adjustment used to work out quarterly GST and PAYG instalment amounts will be 5% for the 2019-20 income year.

  • Taxpayers with a substituted accounting period (SAP) whose income year commenced on 1 January, 1 February or 1 March 2019 will have a 2018-19 GDP adjustment of 6%. This is because their income year started before the current year’s GDP adjustment factor of 5%.
  • Taxpayers starting their income year from 1 April 2019 will have a GDP adjustment of 5%.