GDP adjustment for 2023–24 GST and PAYG instalments

From 1 July 2023, the gross domestic product (GDP) adjustment factor of 6% will apply for the 2023–24 income year. This is used to work out quarterly GST and PAYG instalment amounts. This was announced in the 2023–24 Federal Budget and is law.

• Taxpayers with a substituted accounting period (SAP) whose income year commenced on 1 January, 1 February or 1 March 2023 will have a 2022–23 GDP adjustment of 2%. This is because their income year started before the current year’s GDP adjustment of 6%.
• Taxpayers starting their income year from 1 April 2023 will have a GDP adjustment of 6%.