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Statement of formula / rates and thresholds
From 1 July 2022, the GDP adjustment of 2% will apply for the 2022-23 income year. This is used to work out quarterly GST and PAYG instalment amounts. This was announced in the 2022-23 Budget and is law.
- Taxpayers with a substituted accounting period (SAP) whose income year commenced on 1 January, 1 February or 1 March 2022 will have a 2021-22 GDP adjustment of 0%. This is because their income year started before the current year’s GDP adjustment factor of 2%.
- Taxpayers starting their income year from 1 April 2022 will have a GDP adjustment of 2%.
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