ATO (tax office) payments by credit card

[Deleted User]

Grab credit while its available. .. can always reduce later if not needed. I currently have 110% my taxable income but must be ok I guess

 

[JohnK]

I think credit will still be available with new changes in place. They are struggling to give away credit now.

 

[burmans]

I think credit will still be available with new changes in place. They are struggling to give away credit now.

There are number of studies which suggest that MORE credit is available with a comprehensive credit reporting system. The reason the current system is called negative is because there is largely only bad stuff stored against people (plus applications).

Under the new system banks will have a much clearer view of what lending you have and your repayment history, the persistent implication of much of the comment here is that everyone has a bad credit history. The truth is most people haven't borrowed more than they should, haven't lied to their current lenders and make their payments largely on time, and the banks are in general more than happy to lend to such good customers. Those who haven't, well responsible lending laws suggest that banks shouldn't be compounding their problems by lending them more anyway.

 

[cove]

Early next month will be the 5 year anniversary of the best post ever on AFF.
I still meet people who don't know or don't care about points on ATO for pointy end flying.
Then along comes Danger UXB and posts about Suites Saver in November 2012 and that took away the need to order the private jet.
Now we have never met up with js nor Danger UXB but they are both held in high regard over at our neck of the woods.

 

[Pukka]

So I often pay the Ato 7 days late to take advantage of the credit card interest free period does that mean my credit rating is stuffed not that I'm that bothered as I'm not anticipating taking out any more loans

 

[Beta4Me]

So I often pay the Ato 7 days late to take advantage of the credit card interest free period does that mean my credit rating is stuffed not that I'm that bothered as I'm not anticipating taking out any more loans

Paying off your card late = potential for damaged credit
Paying the ATO late though, is irrelevant

 

[prozac]

So I often pay the Ato 7 days late to take advantage of the credit card interest free period does that mean my credit rating is stuffed not that I'm that bothered as I'm not anticipating taking out any more loans

Credit reference agencies don't know/care you paid late unless the ATO starts an action to recover.

 

[Pukka]

Paying off your card late = potential for damaged credit
Paying the ATO late though, is irrelevant

Well that's fine then because the ATO are under 10% and a week late is nothing

 

[amaroo]

So I often pay the Ato 7 days late to take advantage of the credit card interest free period does that mean my credit rating is stuffed not that I'm that bothered as I'm not anticipating taking out any more loans

I do that for the super sized ones. The accountant (wife) doesn't like it...

 

[burmans]

Credit reference agencies don't know/care you paid late unless the ATO starts an action to recover.

In theory ATO could be regarded as a credit provider under changes to the Act but because they are not a licensed credit provider would only be able to contribute limited info.

The other thing is ATO apply a threshold in calculating interest, small amounts get reversed.

 

[cove]

You can ask your credit card company to change the billing cycle dates to suit you so that you can get many interest free days.

 

[ComeFlyWithMe]

In theory ATO could be regarded as a credit provider under changes to the Act but because they are not a licensed credit provider would only be able to contribute limited info.

The other thing is ATO apply a threshold in calculating interest, small amounts get reversed.

If they get classed as a credit provider, presumably they will pay me interest when they charge me notional tax in advance. Nope. That'll never happen.

 

[JohnK]

I still meet people who don't know or don't care about points on ATO for pointy end flying.

The majority would not need to pay huge amounts to ATO so not really worth it.

I pay about $6,000/year and I used to pay with Amex for the interest free period and copped the higher surcharge. Now that Amex have halved the points earn it is no longer worth it.

 

[cove]

You could go Woolworth's EDRCC for 6,000 Qantas points for $25.20.

 

[prozac]

You could go Woolworth's EDRCC for 6,000 Qantas points for $25.20.

I look back a couple of years with regret at my inexperience of not using a card to pay annual land tax of $64,000. This year down to $13k so more palatable but fewer points available now that I understand the game.

 

[legroom]

I look back a couple of years with regret at my inexperience of not using a card to pay annual land tax of $64,000. This year down to $13k so more palatable but fewer points available now that I understand the game.

Talking about regrets

The biggest one would be not being aware of AFF in the first place, too busy leading a life of a lemming (0.5 QFF point per $, exchanged for Coles vouchers etc....).

I stopped thinking like that now, enjoying what is in front of you - stuff that you can control.

 

[Rallygirl]

So I often pay the Ato 7 days late to take advantage of the credit card interest free period does that mean my credit rating is stuffed not that I'm that bothered as I'm not anticipating taking out any more loans

Just a reminder, if you lodge your BAS electronically then the date you need to lodge and pay by is extended by 14 days for most of the BASes. Cut offs are then Mar BAS is 12 May, Jun BAS is 11 Aug, Sep BAS is 11 Nov. The Dec BAS remains as 28 Feb as an extra month has already been given.

 

[ComeFlyWithMe]

Just a reminder, if you lodge your BAS electronically then the date you need to lodge and pay by is extended by 14 days for most of the BASes. Cut offs are then Mar BAS is 12 May, Jun BAS is 11 Aug, Sep BAS is 11 Nov. The Dec BAS remains as 28 Feb as an extra month has already been given.

Ah quarterly BAS, how I miss thee. Monthly sucks just not so quietly, although better points cash flow

 

[sumthinfornuthin]

Paying off your card late = potential for damaged credit
Paying the ATO late though, is irrelevant

1- YES

2 - Would prefer not to find out !

 

[sumthinfornuthin]

I look back a couple of years with regret at my inexperience of not using a card to pay annual land tax of $64,000. This year down to $13k so more palatable but fewer points available now that I understand the game.

It's a ripoff, taxation through inflation ! ...then to top it of when you get pi**ed off paying all that Land Tax and sell there is a truck load of CGT to pay in the one year.

Always make sure settlements are before December 31st or else !!