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  • PAYG and GST instalments – no GDP adjustment

    Every year we adjust GST and pay as you go (PAYG) instalment amounts using a formula known as the gross domestic product (GDP). This is based on data published by the Australian Bureau of Statistics.

    On 19 June 2020, royal assent was received to suspend indexation for GST and PAYG instalments for the 2020–21 income year in response to COVID-19. This means that from 1 July 2020, there will be no GDP adjustment used to work out quarterly GST and PAYG instalment amounts for the 2020–21 income year.

    PAYG instalment variations for the 2019–20 income year do not carry over to the new income year. You will need to vary your instalments again for the 2020–21 income year if your instalment amounts will result in paying too much tax for the year. We are reviewing our approach for penalties and interest charges made to variations due to COVID-19. GST instalments can continue to be varied on your quarterly activity statement.

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    Last modified: 06 Jul 2020QC 63112