Treasury Laws Amendment (Cost of Living Support and Other Measures) Act 2022 (14 of 2022)

Schedule 5   Varying the GDP uplift factor for tax instalments

Part 1   Amendments

Taxation Administration Act 1953

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

Add:

Reduced GDP adjustment for 2022-23 income year

(9) Despite subsections (3) and (6), if the current year is the 2022-23 income year, then for the purposes of the formula in subsection (2) the GDP adjustment is 2%.

Note: This subsection will be repealed on 1 July 2027: see Part 2 of Schedule 5 to the Treasury Laws Amendment (Cost of Living Support and Other Measures) Act 2022.