Original Published Date:
- Tax preparation
- Statement of formula / rates and thresholds
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%.