Version
2021
Original Published Date
Effective Date
Status
Current
Tax Category
Tax preparation
Resource Type
Statement of formula / rates and thresholds
Description
Each year we adjust 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.
On 19 June 2020, royal assent was received to suspend indexation for GST and PAYG instalments for the 2020–21 income year in response to COVID-19. This means, from 1 July 2020, there will be no GDP adjustment used to work out quarterly GST and PAYG instalment amounts for the 2020–21 income year.
Last modified date