Commonwealth Consolidated Acts

TAX LAWS AMENDMENT (2009 MEASURES NO. 3) ACT 2009 - SCHEDULE 1

Part   1 -- Main amendments

Taxation Administration Act 1953

1   Subsection 45 - 405(3) in Schedule   1 (definition of GDP adjustment )

Repeal the definition, substitute:

"GDP adjustment" means:

  (a)   if the current year is the 2009 - 10 income year--2%; or

  (b)   otherwise:

  (i)   the percentage (rounded to the nearest whole number, rounding down a number ending in .5) worked out using the following formula; or

  (ii)   if the percentage worked out using the formula is negative--0%:

Note:   Paragraph   (a) will be repealed on 1   July 2014: see Part   2 of Schedule   1 to the Tax Laws Amendment (2009 Measures No.   3) Act 2009 .

2   Subsection 45 - 405(6) in Schedule   1

Omit "The GDP adjustment ", substitute "In a case covered by paragraph   (b) of the definition of GDP adjustment in subsection   (3), the GDP adjustment ".

Part   2 -- Sunsetting on 1   July 2014

Taxation Administration Act 1953

3   Subsection 45 - 405(3) in Schedule   1 ( paragraph   (a) of the definition of GDP adjustment )

Repeal the paragraph.

4   Subsection 45 - 405(3) in Schedule   1 ( note 1 to the definition of GDP adjustment )

Repeal the note.

5   Subsection 45 - 405(3) in Schedule   1 (note 2 at the end of the definition of GDP adjustment )

Omit "Note 2", substitute "Note".

Part   3 -- Application provision

6   Application of Part   1 amendments

The amendments made by Part   1 of this Schedule apply for the purposes of working out the amount of an instalment that becomes due on or after the commencement of this item.