Tax Laws Amendment (2009 Measures No. 3) Act 2009 (47 of 2009)

Schedule 1   Reduction in 2009-10 PAYG instalments

Part 1   Main amendments

Taxation Administration Act 1953

1   Subsection 45-405(3) in Schedule 1 (definition of GDP adjustment )

Repeal the definition, substitute:

GDP adjustment means:

(a) if the current year is the 2009-10 income year - 2%; or

(b) otherwise:

(i) the percentage (rounded to the nearest whole number, rounding down a number ending in .5) worked out using the following formula; or

(ii) if the percentage worked out using the formula is negative - 0%:

[100 x [Sum of GDP amount (current year) / Sum of GDP amounts (previous year)]] - 100

Note: Paragraph (a) will be repealed on 1 July 2014: see Part 2 of Schedule 1 to the Tax Laws Amendment (2009 Measures No. 3) Act 2009.