ATO (tax office) payments by credit card

[ComeFlyWithMe]

Did they pay you interest on the refund?

You're kidding right? I'm sure they're keeping score with all the other interest they owe me for making me pay my taxes in advance of owing them...

 

[ninja-tim]

Is it easy to get the refund for accidental overpays?

 

[JohnM]

Is it easy to get the refund for accidental overpays?

Mine just happened automatically - in fact, I wondered what was going on . I was overseas at the time and thought I must have overpaid on PAYG.

It turned out that I did my BAS and thought it had been processed, so I paid it. Turned out that there was a glitch and it hadn't processed properly. It just didn't occur to me that this had happened.

ATO refunded me, but later sent a demand for 'overdue BAS'. Huh? Anyway, a phone call sorted out the problem (the agent said that there had been a computer glitch around that time), so I paid it again and re-reaped the points .

 

[Beta4Me]

You're kidding right? I'm sure they're keeping score with all the other interest they owe me for making me pay my taxes in advance of owing them...

Well, they always pay interest when they are late on a GST refund to my business, so I wondered

 

[ComeFlyWithMe]

Well, they always pay interest when they are late on a GST refund to my business, so I wondered

Having a predominantly service based business, I can't recall ever receiving a GST refund sadly. In fact I can't recall receiving a refund at all for a very long time. Usually it's a bill about the cost of a medium sized car!

But there is no interest from overpayment, and I had to request it back using the portal. They would probably credit it back eventually though.

 

[Beta4Me]

Having a predominantly service based business, I can't recall ever receiving a GST refund sadly. In fact I can't recall receiving a refund at all for a very long time. Usually it's a bill about the cost of a medium sized car!

But there is no interest from overpayment, and I had to request it back using the portal. They would probably credit it back eventually though.

OK. Thanks for the info. We have had major asset purchases (financed by chattel mortgage) for successive quarters recently so have had large refunds. Each time it involved a mini audit and we received interest for the period the payment was delayed.

 

[cove]

Our business BAS is quite a bit more than say a Holden Commodore size each month. We have that one fall due by 21st of the following month so we are out of pocket by about 3 weeks for the average of when our customers pay us as we have a mixture of 30, 45 and 60 day accounts. Using the credit card system we generally have free credit terms on the cards to cover this timing unless we are reloading and using a credit card that has a smallish credit limit.

 

[Beta4Me]

Our business BAS is quite a bit more than say a Holden Commodore size each month.

Is that BAS and IAS combined or the former alone?

Our recent BAS refund was quite a bit more than say a year's supply of Holden Commodores. So no points for me, haha

 

[cove]

Our BAS alone loads multiple credit cards. I sometimes wonder if you can have too many points and miles Then our family has four sets of pointy end flights coming up shortly plus trips to Sydney and Melbourne on a fairly regular basis.

 

[drross]

Our BAS alone loads multiple credit cards. I sometimes wonder if you can have too many points and miles Then our family has four sets of pointy end flights coming up shortly plus trips to Sydney and Melbourne on a fairly regular basis.

with you cove. brizvegas - mt isa regularly and 5 adult fares UK to catch up with daughter/sister there...can never have too many points

 

[jhuyn005]

Does anyone know or can confirm if the: CBA Platinum QFF CC pays points for ATO?

 

[albyd]

I've got Diamond & has been paying this far.

 

[jhuyn005]

awesome. thanks.

Would have prefered the HSBC with one point per $ but the $10 fee + 40,000 bonus points for the Commbank Platinum Awards CC is too tempting.

 

[wafliron]

Hullo to all, especially the "old timers" of this thread - long time between drinks for me.

I stopped paying nearly as much attention a while back because my opportunities to put large ATO payments through CCs pretty much dried up. However, I do have a single opportunity to pay a significant (multi-hundred-thousand) dollar tax bill later this month, which I'd like to take advantage of if I can.

It seems much has changed in the game over the past 12 months though, with many of the old favourites no longer paying points for ATO transactions (or paying at greatly reduced points earn). From a bit of reading it looks like nothing in my current stable of cards will be of much use (but please correct me if I'm wrong) - Citi Prestige (no ATO points), CitiBusiness Gold (no ATO points), Amex Plat Edge (0.5pts/$1), NAB Qantas Platinum (no ATO points) and Westpac Altitude Black (0.75 effective pts/$1 on the Amex, no ATO points on the MC).

So, what else should I be looking at? It needs to be a card I can pump lots of money through in one month without the proverbial hitting the fan, ideally (but not required) one I can preload with funds well in excess of its credit limit and still earn points, ideally (but not required) one with a low annual fee / will pro-rata refund the annual fee (as I'll likely only keep it for a month), and I'd prefer to earn non-QF points (especially SQ) if possible (but realise I may have to take whatever I can get).

Again from a bit of reading the list I have going is:
- CBA Platinum (1.5 QF pts/$1 on the Amex I think? But also has a monthly points cap quite a bit below what I need I think?)
- Bankwest Qantas (0.75 QF pts/$1 Visa/MC I think? No annual cap?)
- I've read mention of the HSBC Plat card, but not sure if it still earns points for ATO?
- I've read mention of the ANZ BLack card, but not sure if it still earns points for ATO?
- What else should be on this list?

Thanks!

 

[cove]

ANZ Black still works on Amex at 1.45% for QF points.
Mrscove's Bankwest is capped at 200,000 but there may be a new better card. I use it for a few weeks every August.
HSBC can pay to Kris but the earn rate is less than one for one at 0.42%. Their QF option is one for one.
Qantas Credit Union limits below 10k per 3 days I heard so that won't work.
Suggest you read all the latest "fine print" as the banks keep changing the game.

 

[VAG newbie]

Hullo to all, especially the "old timers" of this thread - long time between drinks for me.

I stopped paying nearly as much attention a while back because my opportunities to put large ATO payments through CCs pretty much dried up. However, I do have a single opportunity to pay a significant (multi-hundred-thousand) dollar tax bill later this month, which I'd like to take advantage of if I can.

It seems much has changed in the game over the past 12 months though, with many of the old favourites no longer paying points for ATO transactions (or paying at greatly reduced points earn). From a bit of reading it looks like nothing in my current stable of cards will be of much use (but please correct me if I'm wrong) - Citi Prestige (no ATO points), CitiBusiness Gold (no ATO points), Amex Plat Edge (0.5pts/$1), NAB Qantas Platinum (no ATO points) and Westpac Altitude Black (0.75 effective pts/$1 on the Amex, no ATO points on the MC).

So, what else should I be looking at? It needs to be a card I can pump lots of money through in one month without the proverbial hitting the fan, ideally (but not required) one I can preload with funds well in excess of its credit limit and still earn points, ideally (but not required) one with a low annual fee / will pro-rata refund the annual fee (as I'll likely only keep it for a month), and I'd prefer to earn non-QF points (especially SQ) if possible (but realise I may have to take whatever I can get).

Again from a bit of reading the list I have going is:
- CBA Platinum (1.5 QF pts/$1 on the Amex I think? But also has a monthly points cap quite a bit below what I need I think?)
- Bankwest Qantas (0.75 QF pts/$1 Visa/MC I think? No annual cap?)
- I've read mention of the HSBC Plat card, but not sure if it still earns points for ATO?
- I've read mention of the ANZ BLack card, but not sure if it still earns points for ATO?
- What else should be on this list?

Thanks!

CBA diamond Amex! (and don't opt for QF.) You'll earn 1.5 VA points per dollar. (Or 1.725/$ with current promotion). This can be converted to KF points, so equivalent to 1.11 KF point/$, (1.28/$ at current promotion). Capped at 1 million diamond reward points per year. So if your tax bill is within $333k, then you are fine.

This is probably as high earn rate as you can get for KF point on ATO at the moment.

 

[bbqwer]

CBA diamond Amex! (and don't opt for QF.) You'll earn 1.5 VA points per dollar. (Or 1.725/$ with current promotion). This can be converted to KF points, so equivalent to 1.11 KF point/$, (1.28/$ at current promotion). Capped at 1 million diamond reward points per year. So if your tax bill is within $333k, then you are fine.

This is probably as high earn rate as you can get for KF point on ATO at the moment.

Oh cough. For the past 6 months, i have been using westpac altitude black amex on ato. 0.75kf/$1

Also has cba diamond amex, but i thought ato payment not earning points ? So its better to use this card then ? $1 spend x3 then convert to VA divide by 2. And convert to KF divide 1.35.
Is my calculation correct ?

 

[albyd]

That sounds correct. If CBA credits points to you before end of May and you transfer to Velocity under the current 15% bonus offer, will increase your return a little to 1.28 SQ/$

1 x 3 / 2 x 1.15 / 1.35 = 1.28

 

[Mark3000]

Hullo to all, especially the "old timers" of this thread - long time between drinks for me.

I stopped paying nearly as much attention a while back because my opportunities to put large ATO payments through CCs pretty much dried up. However, I do have a single opportunity to pay a significant (multi-hundred-thousand) dollar tax bill later this month, which I'd like to take advantage of if I can.

It needs to be a card I can pump lots of money through in one month without the proverbial hitting the fan, ideally (but not required) one I can preload with funds well in excess of its credit limit and still earn points, ideally (but not required) one with a low annual fee / will pro-rata refund the annual fee (as I'll likely only keep it for a month)
Thanks!

That's terrible!
It seems to me that this sort of behavior is what will spoil it for the rest of us. A massive hit and run where you get a few hundred thousand points and the cancel the card expecting a pro rata refund of the annual fee is extremely selfish and reckless behavior. At the very least surely you could keep it for a year and put some other transactions on there to not stand out so much. Why not cancel one of your other cards?
Please don't spoil it for the rest of us

 

[bbqwer]

That sounds correct. If CBA credits points to you before end of May and you transfer to Velocity under the current 15% bonus offer, will increase your return a little to 1.28 SQ/$

1 x 3 / 2 x 1.15 / 1.35 = 1.28

Hate CBA awards, they only posted point after about a month. Unlike westpac points posted about 3 days after transactions.