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Note: This subsection will be repealed on 1 July 2027: see Part 2 of Schedule 5 to the Treasury Laws Amendment (Cost of Living Support and Other Measures) Act 2022.


Copyright notice

© Australian Taxation Office for the Commonwealth of Australia

You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).