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Note: This subsection will be repealed on 1 July 2025: see Part 2 of Schedule 5 to the Treasury Laws Amendment (2020 Measures No. 3) Act 2020.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