24 Apr 1313 On increasing the base penalty units
MEMBER 81 writes:
"Just wanted to send out my heartfelt thanks to the ATO for increasing the base penalty units that you now use to extort money from unsuspecting taxpayers. After all, as the announcement said, there hasn't been an increase in the base rate since 1997!
So, it's with great gusto that I look forward to you rectifying many of the other anomalies in the Tax Act for amounts that have been frozen in time. For example:
Laundry Claim $150 since about 1995;Substantiation threshold of $300 since substantiation was introduced in 1986 and,
my personal favourite...
Income Distribution limit for minors of $416. I started work in 1982 and it was $416 then so I'm sure this amount dates back to the 70s.
Isn't it amazing how the Government can increase the capital gains active asset limit from $5m to $6m but has left the above thresholds untouched for decades. Disgrace."