Treasury Laws Amendment (2020 Measures No. 3) Act 2020 (61 of 2020)

Schedule 5   Reduction in 2020-21 PAYG instalments

Part 1   Amendments

Taxation Administration Act 1953

1   At the end of section 45-405 in Schedule 1

Add:

Nil GDP adjustment for 2020-21 income year

(8) Despite subsections (3) and (6), if the current year is the 2020-21 income year, then for the purposes of the formula in subsection (2) the GDP adjustment is 0%.

Note: This subsection will be repealed on 1 July 2025: see Part 2 of Schedule 5 to the Treasury Laws Amendment (2020 Measures No. 3) Act 2020.