ATO (tax office) payments by credit card

[Foreigner]

QCU, now Qudos Bank, is pedantic with application paperwork. Mine was some 24 or so pages. When i called them recently to inquire about limit increase they said to submit all paperwork, again.

 

[cove]

I will remember not to ask. Thanks for your comment on this Foreigner....I am ok with $25,000 as reloading never takes too long.

 

[Scr77]

Yup...I sent in 75 pages of documents!

Since i was sending in dozens of documents, I took the opportunity to refinance investment properties. Got a much better interest rate and now get points for every dollar borrowed. Best financial decision I made last year!

 

[shifty]

Was it long process? I heard QCU seek three months of bank statements?

A week and a half, and to be honest if you are organised not really that tedious. I guess I had the expectation from everyone that they pretty much wanted your first born. The lady dealing with my application was very polite and detailed in her document requests. Yes, I had to supply a good few hundred pages, but really lets not get too excited - its a few PDF attachments from files you should already have organised. I took the tactic to give them everything and as much of it as possible to overwhelm them.
Timeline; applied 31[SUP]st[/SUP] March, email asking for docs on the 4[SUP]th[/SUP] April, email asking for further docs on 5[SUP]th[/SUP] April, approved on the 8[SUP]th[/SUP] April.
Docs asked for; payslips (3 months), tax returns (myself and my trust), credit card statements (3 months), bank statements where salary gets deposited (3 months), super statement (mine is self managed so sent in its tax return)

 

[cove]

I did not get asked for anything on our SMSF so I am feeling lucky as that would have been about 20 extra pages.

 

[tania73]

Sorry for the ignorance but I am missing what is so great about this card

 

[cove]

Tania it is one of two CCs that pays a point a dollar on everything including ATO and a bonus on Qantas purchases.

 

[Moindardt]

Received advice that the PAYG in the large category can be paid by CC. Now that is a little bit of a relief. The over a million of PAYG is not negotiable so 26 payments by CC a year for this and 12 BAS instalments payable monthly.
That creates more paperwork which is unfortunate.

It's no more paperwork, it's only the payment which is remitted weekly (or whatever your pay period is), no change to paperwork. It just means they get the money quicker.

 

[cove]

Not exactly Moindardt as there will be 38 times 4 partners in a year being put thru CCs so that is 152 payments in one year instead of 48. I am not worried about paying faster. It is the problem that we are travelling a bit so this is quite inconvenient for all 4 families.
The change of the amount that could be paid in one transaction was well received instead of $50,000 a time.

 

[Moindardt]

I was just saying there is no more paperwork, you do your forms as usual, you just do the remittance each week. Not knowing your personal circumstances, as the EFT code remains the same, all you need is someone to get the figures from you payroll and either eft it or use the payment portal for the credit card details.

 

[cove]

The EFT code is a different one from July 1st so we will have two for the one business.

 

[coriander]

Is JETSTAR Platinum Visa earning points on the ATO ??

Dunno about Visa, but JQ Platinum MC pays 1:1 on ATO incl fee.

 

[cove]

After a few months layover I used 2 US Visa cards to get some more AA miles at the 0.763 rate due to the exchange rate. The 0.42% ATO cost was reduced by the exchange rate success so I think we scored the AA miles at about 0.3 cents each. Now that is a bit better than buying AA miles from American Airlines. I am quite happy with that.

 

[whitty]

After a few months layover I used 2 US Visa cards to get some more AA miles at the 0.763 rate due to the exchange rate. The 0.42% ATO cost was reduced by the exchange rate success so I think we scored the AA miles at about 0.3 cents each. Now that is a bit better than buying AA miles from American Airlines. I am quite happy with that.

How did the exchange rate reduce the fee? It would still be 0.42% regardless of which currency the card is in?

 

[cove]

I transferred funds at a better rate than I was charged so it comes off the transaction total cost.
Now the biggest risk is the moving exchange rates and this one worked sweetly. Sure the 0.42% ATO charge occurs but then it is subject to what Citi US charge versus the Bell FX $USD purchase to close out the transaction.
I hope that explains it.
AA miles can be worth between 50% and 100% more than Qantas points depending on where you are going and the class of travel is the other wild card.

 

[mbeder]

Woolies and ATO will be a zero on 10/05/16 I believe.
Must remember to put $5000 on this month and early next month to get 7500 cheapish QF points before titanium scissors end the party.

Quick question...why does pre-loading the card with $5k give you an extra 5k points? My understanding has always been that the maximum you get at 1:1 is 2500 per statement period?

 

[cove]

Most months I remember to stick $5000 on this WOW card as it produces 3750 points each month. The first $2500 gets the full one for one and the next $2500 gets the 1250 so that is 3750 points which are pretty cheap. I do it because I have the card already. The end is near!

 

[mbeder]

OK - misunderstood what you'd originally written - that makes perfect sense. I thought you'd found a way around the 2500 1:1 cap! Indeed, this card will soon disappear from the CC portfolio.

 

[cove]

Yes the kaput date is approaching but many won't realize the change so the Silver Donut (Macquarie Bank) should do ok with that.
3M titanium bladed scissors will be a long term fix I think.

 

[Awesom Andy]

3M titanium bladed scissors will be a long term fix I think.

That is surely an overkill.