Document ID: chunk:federal_register_of_legislation:C2011C00549:clause:1_1
Version: federal_register_of_legislation:C2011C00549
Segment Type: clause
Provision Reference: sch 1 cl 1
Character Range: 4241–4789

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Note: Paragraph (a) will be repealed on 1 July 2014: see Part 2 of Schedule 1 to the Tax Laws Amendment (2009 Measures No. 3) Act 2009.