ATO (tax office) payments by credit card

[sarvanmehta]

What is the benefit of paying using a AMEX credit card to pay ATO incurring 1.45% surcharge when the points redemption value is max 1 cent for each point? Am I missing something which most of you know?

 

[Scr77]

What is the benefit of paying using a AMEX credit card to pay ATO incurring 1.45% surcharge when the points redemption value is max 1 cent for each point? Am I missing something which most of you know?

The cost to earn a point will depend on the card used and the surcharge involved. Most people will be redeeming for flights with a much better value position than 1 cent a point. Problem is now with availability.

 

[andye]

What is the benefit of paying using a AMEX credit card to pay ATO incurring 1.45% surcharge when the points redemption value is max 1 cent for each point? Am I missing something which most of you know?

Also business costs may be deductible

 

[serfty]

What is the benefit of paying using a AMEX credit card to pay ATO incurring 1.45% surcharge when the points redemption value is max 1 cent for each point? Am I missing something which most of you know?

Also business costs may be deductible

For business where deductible, the fee generally has a GST component. So both input tax credit and the balance of the fee can be claimed.

 

[one9]

Regarding Beem, I try to use it with 2 cards. The 1 card that I have been using for a while works fine. But the other card that was recently replaced doesn't work . It seems to me like the error occurs when the card goes to do the 3D Secure, where the card that I have been using with it for a while no longer requires 3D Secure.

 

[kkl]

Regarding Beem, I try to use it with 2 cards. The 1 card that I have been using for a while works fine. But the other card that was recently replaced doesn't work . It seems to me like the error occurs when the card goes to do the 3D Secure, where the card that I have been using with it for a while no longer requires 3D Secure.

I foolishly removed and re-added the card which worked for ages. now keeps going into the 3d secure page. still no update from Beem

 

[jamesD]

I foolishly removed and re-added the card which worked for ages. now keeps going into the 3d secure page. still no update from Beem

There is an update on Beem tonight so might work tomorrow.

 

[muj]

Is CreditRewards legit? It's listed as an option in this thread's companion article. I've searched the entire forum for it but there's not much discussion on it. I signed up recently with the intent of testing it out but the entire creditrewards.com.au domain is 404ing right now.

 

[albyd]

Creditrewards has worked for me - they have ceased operations though - I'm using pay.com.au currently - more expensive and they charge GST whereas creditrewards didn't.

 

[kkl]

Another Beem update but still not working on my end.

Anyone's green dragon card still working on Beem?

 

[Myrna]

We have a similar situation as @Stargazer - hubby has to pay over $150k to ato for cgt this year, it will be doubled this amount next year and the year after Been looking at ways to get points for payment, but it seemed no easy and quick way. So we will have to pay via bank transfer!

 

[prozac]

We have a similar situation as @Stargazer - hubby has to pay over $150k to ato for cgt this year, it will be doubled this amount next year and the year after Been looking at ways to get points for payment, but it seemed no easy and quick way. So we will have to pay via bank transfer!

Pay contributions to your super fund instead to reduce the tax. I am not qualified to offer advice.
Until I see a better option I pay ATO using my Amex.

 

[Myrna]

Pay contributions to your super fund instead to reduce the tax. I am not qualified to offer advice.
Until I see a better option I pay ATO using my Amex.

Thanks, prozac. Since hubby has retired so any super contribution is not tax deductible - our tax accountant keeps saying it! Also, we cannot get an amex cc because we don't have regular income (ie salary) - arrrgh!

 

[burmans]

Thanks, prozac. Since hubby has retired so any super contribution is not tax deductible - our tax accountant keeps saying it! Also, we cannot get an amex cc because we don't have regular income (ie salary) - arrrgh!

Get a new accountant! This is from the ATO on personal super contributions, I’m retired and have done this last two years.

People eligible to claim a deduction for personal contributions include those who get their income from:

• salary and wages
• a personal business (for example, people who are self-employed contractors, or freelancers)
• investments (including interest, dividends, rent and capital gains)
• government pensions or allowances
• superannuation
• partnership or trust distributions
• a foreign source.

More info at Personal super contributions. It’s a bit of a process but definitely can be done.

 

[Scr77]

Get a new accountant! This is from the ATO on personal super contributions, I’m retired and have done this last two years.

People eligible to claim a deduction for personal contributions include those who get their income from:

• salary and wages
• a personal business (for example, people who are self-employed contractors, or freelancers)
• investments (including interest, dividends, rent and capital gains)
• government pensions or allowances
• superannuation
• partnership or trust distributions
• a foreign source.

More info at Personal super contributions. It’s a bit of a process but definitely can be done.

Definitely not my area of expertise, but this will apply to me well down the track. I thought this was subject to a $27,500pa cap?

 

[Myrna]

Get a new accountant! This is from the ATO on personal super contributions, I’m retired and have done this last two years.

People eligible to claim a deduction for personal contributions include those who get their income from:

• salary and wages
• a personal business (for example, people who are self-employed contractors, or freelancers)
• investments (including interest, dividends, rent and capital gains)
• government pensions or allowances
• superannuation
• partnership or trust distributions
• a foreign source.

More info at Personal super contributions. It’s a bit of a process but definitely can be done.

Thanks, burmans, for the link. I will read it again ...

 

[burmans]

Definitely not my area of expertise, but this will apply to me well down the track. I thought this was subject to a $27,500pa cap?

It is indeed, though I suspect quite possibly likely to be raised to $30K given recent inflation (it's indexed). Still better than nothing.

 

[CaptainCurtis]

It is indeed, though I suspect quite possibly likely to be raised to $30K given recent inflation (it's indexed). Still better than nothing.

Indexation for the contribution cap is tied to Average Weekly Ordinary Time Earnings (AWOTE) unfortunately, not to price inflation.

 

[Myrna]

@burmans: hubby said it is the work test requirement which he does not meet, in order to claim the personal super contribution deduction!

 

[burmans]

Indexation for the contribution cap is tied to Average Weekly Ordinary Time Earnings (AWOTE) unfortunately, not to price inflation.

Yeah, suspected this might be the case!