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20 Feb 09 On PAYG Instalment GDP Uplift Factor

MEMBER 1 writes:

"I was recently astounded to discover the ATO are applying a GDP uplift factor to PAYG Instalments in the order of 7.999%. I’m no economist but I believe the Country’s growth is expected to be significantly less in the years to come. I understand that the formula is based on GDP figures from past years, however, I feel the public would be benefited if the uplift factor were reviewed to a realistic level. It seems a bit counterproductive to reduce one quarter’s instalment by 20% when the annual PAYGI amount is overstated by up to 8% in the first place."

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