10,000 Bonus Points With New OnePath/ANZ Life Insurance

[Dantine]

On OnePath's rate card, to give you an idea of how much age matters.

Compared to a 21yo baseline, premiums multiply by approx:
1.5x @ 43yo
2x @ 48yo
2.5x @ 51yo
3x @ 54yo
4x @ 58yo
and so on maxing at over 6x by the age of 63.

Seems to be fairly steady for the first 20 years of adulthood, then a slippery slope!

Source: http://www.onepath.com.au/public/personal_pdfs/pt_kessler_prosecure_accteng.pdf

 

[medhead]

The $100 would be taxable income regardless, and if you think the ATO wont know about you getting a payment from an Australian bank, think again with austrac . They like little things that mob, much easier than chasing the big fish.

Agreed. Also taxable is the $50 bonus from opening a new NAB classic banking account, the $100 bonus for NAB customers opening a new CBA transaction account or credit card account and the $50 bonus from opening a new Virgin online savings account.

Well you both have a different idea about what is declarable income from me. Personally, I'll rely on the advice of the tax office on what makes up declarable income. Income you must declare - home

But if we go down this path, as a healthy living bonus, I'm sure I have much greater expenses to maintain healthy living than $100.

 

[markis10]

Well you both have a different idea about what is declarable income from me. Personally, I'll rely on the advice of the tax office on what makes up declarable income. Income you must declare - home

But if we go down this path, as a healthy living bonus, I'm sure I have much greater expenses to maintain healthy living than $100.

The tax office seems to have a different view to you as well:

You must also declare all income from:

• compensation or insurance payments you receive for lost income

The only way around that is to take the $100 off the amount paid before claiming it as a deduction, of course this is not a tax forum and professional advice should always be sought. My advice came from someone who teaches tax law for a living as a head of a large Uni Business and Law faculty as well as being a long standing CPA, and not a webpage.

 

[samh004]

So I’m currently trying to figure out when to cancel my first policy. These are the details:

Premium taken/effective 17 Jan 2011
Premium $10.15

First payment 24 Jan 2011
Second payment 22 Feb 2011
Third payment 22 Mar 2011

First premium hit Qantas 14 Feb with a transaction date of 11 Feb, 11 points
Second premium hit Qantas 16 Mar with a transaction date of 10 Mar, 11 points
Third yet to arrive… so should I cancel before a fourth payment or wait for the third payment to hit my account before cancelling?

As I took it out from the 17th January, I think I’ve fulfilled the requirements to keep it active for 2 months. I guess I could wait for 17th April, a solid 3 months.

I’m not going to keep it for the full year, the incentive is very little for me.

Any advice, if anyone is actually going to cancel now

And sorry for bumping and making someone think the first lot of bonus points has hit!

 

[arraitch]

Your call samh004, but I plan to wait until the 10K points post and then assess whether to retain the policy or not. Of course, I may give OnePath a poke if that doesn't happen soon!

BTW is my memory failing me, or am I correct in thinking that no-one has yet reported receiving the bonus points on either single or multiple policies?

 

[odysseus]

BTW is my memory failing me, or am I correct in thinking that no-one has yet reported receiving the bonus points on either single or multiple policies?

Correct, as I recall they did say to allow a further 2? months before the points may appear though.

 

[medhead]

The tax office seems to have a different view to you as well:

You must also declare all income from:

• compensation or insurance payments you receive for lost income

The only way around that is to take the $100 off the amount paid before claiming it as a deduction, of course this is not a tax forum and professional advice should always be sought. My advice came from someone who teaches tax law for a living as a head of a large Uni Business and Law faculty as well as being a long standing CPA, and not a webpage.

I suggest your advisor might like to reconsider the situation. This is a healthy living bonus. Now if we read the point that you have raised, in particular the last half of the sentence - payments you receive for lost income. The healthy living bonus is not a payment for lost income. It is neither a compensation payment for lost income nor an insurance payment for lost income. In fact, the healthy living bonus is not paid if you do receive a payment for lost income, i.e. If you make a claim you don't get the bonus.

As for using a webpage, the ATO provides an explicit protection if you use their advice in good faith, unlike if you use a CPA, uni professor or otherwise.

 

[burmans]

Agreed. Also taxable is the $50 bonus from opening a new NAB classic banking account, the $100 bonus for NAB customers opening a new CBA transaction account or credit card account and the $50 bonus from opening a new Virgin online savings account.

Suggest you get Etax, even if you then use an accountant Etax will tell you exactly what has been reported to theATO!

 

[delfredo]

Suggest you get Etax, even if you then use an accountant Etax will tell you exactly what has been reported to theATO!

I was sharing my views on whether it is taxable or not, rather than the need to declare them as taxable income in the tax return which ultimately is the responsibility of the tax payer not the tax office under the self determination rule. It is clear from the tax office that ignorance is not an excuse (although a genuine human error may be tolerated, as someone has mentioned) and tax evation leads to penalties and fines.

 

[kpc]

Has anyone rung Onepath yet to chase up the missing 10K QF pts / policy? I have just had my 3rd installment withdrawn for my policies, and was hoping to get others' experinces before I call:shock::evil:

 

[samh004]

Has anyone rung Onepath yet to chase up the missing 10K QF pts / policy? I have just had my 3rd installment withdrawn for my policies, and was hoping to get others' experinces before I call:shock::evil:

I haven’t called at all, but should probably ring to cancel in the next week before they take yet more money out of my account.

I have had two lots of premiums post to my QFF, so I am waiting for the third, which should be at the start of next week, and I am hoping the bonus comes with it. Regardless, I shall then cancel the policy before it has time to bill me for a fourth premium (which should be in 2 weeks time or so).

And I’ll chase up after that I guess.

 

[markj23]

Im yet to receive my Bonus, or the points for monthly premium

signed up in Feb

sent them an email and apparently they are looking into it

 

[markis10]

Im yet to receive my Bonus, or the points for monthly premium

signed up in Feb

sent them an email and apparently they are looking into it

Did you read the terms and conditions, points for monthly premiums take up to 2 months while the 10K can take 4 months.

 

[markj23]

There was issues with my policy from day 1 (name was backwards, amounts different)

So what i sent them was a gentle "can you confirm" not a "were is my points"

 

[medhead]

10,000 Bonus Points With New OnePath Life Insurance

I was sharing my views on whether it is taxable or not, rather than the need to declare them as taxable income in the tax return which ultimately is the responsibility of the tax payer not the tax office under the self determination rule. It is clear from the tax office that ignorance is not an excuse (although a genuine human error may be tolerated, as someone has mentioned) and tax evation leads to penalties and fines.

Interesting fence sitting. I think a very simple rule of thumb is that taxable income has to be declared. Therefore, if the tax office doesn't require it to be declared then that suggests it is not taxable. I'm not sure how the ATO is going to apply tax to taxable income if they tell you you don't need to declare it. Mental telepathy, maybe?

 

[markis10]

There was issues with my policy from day 1 (name was backwards, amounts different)

So what i sent them was a gentle "can you confirm" not a "were is my points"

No worries, I read your posts as being concerned that there were no points, having mixed up names wont help there regardless, they take around a month for the normal points, but if their systems are typical of the ANZ and what its become I changing banks.

 

[delfredo]

Did anyone notice that the Accident Cover Plus commences from 1st Jan eventhough you may have applied in mid-Jan? Or maybe it's just me? I seem to have been charged from 1st Jan and I applied on 29th Jan.

 

[11sjw]

Those of you ready to quit like myself need to write a letter and send it to GPO Box 5306, Sydney, NSW, 2001.

They don't do cancellations over the phone.

I figure I now have 3 payments on the credit card so I'm good to bail.

 

[Undercover Brother]

Those of you ready to quit like myself need to write a letter and send it to GPO Box 5306, Sydney, NSW, 2001.

They don't do cancellations over the phone.

Incorrect. I cancelled all 3 of mine earlier this week over the phone, took about 3 minutes with an operator, including verification that I had held the policies for long enough to be eligible for the 10,000 bonus points. They send out mail confirmation of the cancellation as well.

 

[11sjw]

Incorrect. I cancelled all 3 of mine earlier this week over the phone, took about 3 minutes with an operator, including verification that I had held the policies for long enough to be eligible for the 10,000 bonus points. They send out mail confirmation of the cancellation as well.

Prior to the previous post I had just hung up from a phone converstation where I was told that I had to send a letter in.