ATO (tax office) payments by credit card

[cove]

Serfty if only the ATOs debtors could get so keen. There is about 15 billion dollars of hard core debt owed by people and companies who are showing quite a bit of reluctance to become frequent flyer point millionaires.
Then there are folks who pay everything on time and live without thank you cards from the ATO.
It certainly looks bad for the GST rate and the retirement age for younger Australians although the Government could start selling assets like Parliament House in Canberra to our superannuation funds.

 

[Pushka]

... Government could start selling assets like Parliament House in Canberra to our superannuation funds.

More like paying for Politicians GUARANTEED Super payouts the day they get the sack.

 

[Deleted User]

Im still in credit from Q4 2013... advance paid a lot of tax late last year to harvest early points to take advantage of the Christmas DSC offer. Have to do my BAS this weekend to reconcile.... quite possibly I'm still in credit lol

 

[cove]

Wow shintaro10x did they send you a thank you card?

 

[Deleted User]

Wow shintaro10x did they send you a thank you card?

Sadly cove... No

But all good, a fair chunk of the "advance" payment has been Balance Transferred to Citi Signature 0% for six months

Points have long gone though

Edit: that's right citibank, you are funding my ATO payment for points for ~6 months ha ha

 

[ComeFlyWithMe]

I have been 'upgraded' to monthly PAYG instalments... Apart from the steady stream of QFF points, it's a PITA to do this every month

 

[Deleted User]

Cove, who would have thought that all these wonderful opportunities would not have existed if I had not stumbled across this site... I think since I met you for the first time, a few years ago now, I have consumed hundreds of discounted wish cards too... Living the dream... but still dreaming about SQ Saver Suites thanks to you know who... Hopefully my freshly minted signature card will come in handy one day.

shintaro10x

 

[wafliron]

I have been 'upgraded' to monthly PAYG instalments... Apart from the steady stream of QFF points, it's a PITA to do this every month

No sympathy - try weekly PAYG (on behalf of employees - what it's called specifically I don't know) payments! Luckily I don't have to calculate / pay myself, though.

 

[Arrow29]

As a salaried employee who has only been in the game for 18 months now, the changes to AMEX branded cards earning 0.5 points per dollar and then Citi not crediting any points for ATO hasn't affected me much. But now that I'm starting to have other income streams etc and will have a gradually increasing tax bill to pay come each July, it's quite frustrating! The main options for me (as a KF collector, curently with an AMEX platinum edge and a Citi platinum signature) are the Westpac altitude black or Westpac Krisflyer platinum, but at this stage the annual fee for the small-ish amount probably isn't worth it. Something I'll have to keep in mind for the future though!

 

[Quickstatus]

Interesting data point

Every time I scan (in advance of course), the max I can see is two Ps.

But you managed three !

2 got released at T-353, and then the third got released a few days later.

 

[Quickstatus]

What is the ATO 's view on FF points earned through the payment of taxes with CC?. I assume that the credit card fee is tax deductible which is 1.42% for Amex...Will the FFpoints be viewed as a fringe benefit if you give it to your partner who may be your employee or yourself?

 

[cove]

They are ok with it but you should read up about the deductibility of the fees paid and you can read about this on the ATO site rather than hear from a friend at a picnic.
The ATO get faster payments so they are not likely to step on the system. The banks could change credit card earning rates so you have to be flexible.

 

[serfty]

What is the ATO 's view on FF points earned through the payment of taxes with CC?. I assume that the credit card fee is tax deductible which is 1.42% for Amex...Will the FFpoints be viewed as a fringe benefit if you give it to your partner who may be your employee or yourself?

See post #1 for ATO website links to T&C's of CC payment as well as the tax deductability of the payments.

There should be no issues with Fringe benefit on points etc. - this is in the same vein as no FBT on individual points earned through business travel.

 

[ComeFlyWithMe]

The borrowing from the credit card provider is open to interpretation:
- if you use it within an interest free period and no interest is payable, are you borrowing the money? Probably yes.
- if you put the card into credit and then expend the funds, is that borrowing by virtue of it being a credit card product? Probably no.

 

[KLN]

Im still in credit from Q4 2013... advance paid a lot of tax late last year to harvest early points to take advantage of the Christmas DSC offer. Have to do my BAS this weekend to reconcile.... quite possibly I'm still in credit lol

finally did get a refund to my cheque account after accidentally overpaid my BAS, but i did take a few phone calls. so BAS was overpaid on the CC, and they refunded to my cheque account. probs worth the extra spend

 

[jasonmcbride]

Hi guys, I'm new here and was hoping to get a bit of advice, I understand all the info I need would be in this thread, but there are 280 pages :shock:

Basically I have just started a business, I have a large gst bill to pay, as well as PAYG and also Company Tax. I don't travel much at all, but I thought I might as well get something if it's on offer, so I am looking at the Rewards Credit Cards, is there one that is known to be the best value? I also pay miscellaneous expenses via BPay, so one that earns points on BPay transactions would be preferable (if one exists)
Any help you could give me to point me in the right direction would be much appreciated.
Cheers
Jase

 

[Deleted User]

Hi guys, I'm new here and was hoping to get a bit of advice, I understand all the info I need would be in this thread, but there are 280 pages :shock:

Basically I have just started a business, I have a large gst bill to pay, as well as PAYG and also Company Tax. I don't travel much at all, but I thought I might as well get something if it's on offer, so I am looking at the Rewards Credit Cards, is there one that is known to be the best value? I also pay miscellaneous expenses via BPay, so one that earns points on BPay transactions would be preferable (if one exists)
Any help you could give me to point me in the right direction would be much appreciated.
Cheers
Jase

How large is the GST payment...?

 

[jasonmcbride]

How large is the GST payment...?

GST is $16k, PAYG will be about $5K and Company Tax will be about $18k, These are all per month figures.
Cheers
Jase

 

[legroom]

Hi guys, I'm new here and was hoping to get a bit of advice, I understand all the info I need would be in this thread, but there are 280 pages :shock:

Basically I have just started a business, I have a large gst bill to pay, as well as PAYG and also Company Tax. I don't travel much at all, but I thought I might as well get something if it's on offer, so I am looking at the Rewards Credit Cards, is there one that is known to be the best value? I also pay miscellaneous expenses via BPay, so one that earns points on BPay transactions would be preferable (if one exists)
Any help you could give me to point me in the right direction would be much appreciated.
Cheers
Jase

Start here, if you like.

 

[Newk]

Start here, if you like.

yep and then read the rest of this thread. Sorry but there is no replacement for elbow grease (or whatever the eyeball equivalent thereof is)