I have a large personal income tax bill coming up for FY18 ($200-250k)
I am curious to find out if there is a way to make the best of via gaining rewards points for paying the ATO?
- I have not applied for a credit card for about 4 years
- I have an ABN
On another forum one member was kind enough to recommend this solution, I would love to know if anyone has any suggestions or improvements to this:
"First, apply the amex explorer card, activate it, spend enough to get the bonus point
Second, apply the amex edge card, activate and call amex a few times to get both cards linked under the ascent program
Third, pimp out the amex explorer card by paying your taxes in chunks of 10k via rewardspay @ 2.64% surcharge. Don't over do it though, like don't go positive balance by A large amount. you can max your credit, then bpay to clear the balance, and rinse and repeat. usually one payment takes about 48-72 hours.
in the end you will get 400,000 to 500,000 rewards points @ 1.32 cent per point. ( amex points are generally worth 2 cent as they are flexible). That flight along is $25,000 return.
296 K Krisflyer point can get you from Australian to Europe in Suite class with return.
, That flight along is $25,000 return. Esssentially, you paid a surcharge of $3907.2 for a flight rewards worth $25,000, tax free."
If I have posted this in the wrong section feel free to move this post.
Thanks!
I am curious to find out if there is a way to make the best of via gaining rewards points for paying the ATO?
- I have not applied for a credit card for about 4 years
- I have an ABN
On another forum one member was kind enough to recommend this solution, I would love to know if anyone has any suggestions or improvements to this:
"First, apply the amex explorer card, activate it, spend enough to get the bonus point
Second, apply the amex edge card, activate and call amex a few times to get both cards linked under the ascent program
Third, pimp out the amex explorer card by paying your taxes in chunks of 10k via rewardspay @ 2.64% surcharge. Don't over do it though, like don't go positive balance by A large amount. you can max your credit, then bpay to clear the balance, and rinse and repeat. usually one payment takes about 48-72 hours.
in the end you will get 400,000 to 500,000 rewards points @ 1.32 cent per point. ( amex points are generally worth 2 cent as they are flexible). That flight along is $25,000 return.
296 K Krisflyer point can get you from Australian to Europe in Suite class with return.
, That flight along is $25,000 return. Esssentially, you paid a surcharge of $3907.2 for a flight rewards worth $25,000, tax free."If I have posted this in the wrong section feel free to move this post.
Thanks!
