ATO (tax office) payments by credit card

at the cost of the surcharge? maybe do a test first? I was tempted as well to just try out of desperation for the CBG
 
Some people gotta just read ALL of AFF and, experiment a bit. Start with small amounts and see what happens. Soon you'll be answering questions too (or making smart remarks like this one).

Edit to add: oh, and I did send a PM
 
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cove said:
I gave my WOW EDRCC a rest this month for the first time in about 2 years.
Click to expand...

I'm starting some activity for July 29 on that card cove ;)

Slowly, slowly, little by little, gently bentley... Earn them slowly, burn them fast is what I say with this card... :lol:
 
I am closing in on 7 figures since this card started and I have grown used to a Platinum shadow with my J seat. What would become of us if this all turned to dust?
It's ok it has been a really good game.
Anyone going to the Hilton dinner in Sydney on June 29th?
 
hummel said:
Guys,

Now have Citi Signature and Amex Plat Edge at my disposal but if no/little points not really worth it I suppose...
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Neither card is much use for nil or a very expensive half point earn. Suggest a Big 4 Amex for business and a Woolies for minor personal ATO. Any major personal ATO, sack your accountant first.
 
Ah, the modern issues of corporate life!!
I am able to make bonus profit sharing payments to management staff using a surplus of franking credits. Having worked their tails off the past year, next years payment is going to create a sizeable ATO problem for them to account for.
 
cove said:
I am closing in on 7 figures since this card started and I have grown used to a Platinum shadow with my J seat. What would become of us if this all turned to dust?
It's ok it has been a really good game.
Anyone going to the Hilton dinner in Sydney on June 29th?
Click to expand...

I will see you there... but need to pay my tax first :cool::cool:
 
DaveB said:
Ah, the modern issues of corporate life!!
I am able to make bonus profit sharing payments to management staff using a surplus of franking credits. Having worked their tails off the past year, next years payment is going to create a sizeable ATO problem for them to account for.
Click to expand...

No one taxes 100 % though !!
 
PAYG letter came today. Just a taxpayer...not a business
I pay them all via CC on the ATO site.
Do I need CC in credit to claim Fees?

Regards
 
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PLANT said:
PAYG letter came today. Just a taxpayer...not a business
I pay them all via CC on the ATO site.
Do I need CC in credit to claim Fees?
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The general understanding is that, yes, for personal tax you do need to have the CC in credit to claim the surcharge as a tax deduction.

Make sure to weigh this deduction up against what else you could do with the money - in my case I'm better putting the CC in debit, not claiming the surcharge, and leaving the cash in my offset account for another 25-55 days.
 
Well another tax year bites the dust and I have been getting all my Australian credit cards back to zero so that June 30th poses no special challenges. I have rebuilt our Qantas points totals and I still have not used a Velocity point this year. Velocity remains a spare future opportunity and hopefully they work on their ordinary web site as I did go looking twice in 2013.
We have less than one month with Amex Ultimate before the points earn turns to rubbish on July 21st.
I had better get Westpac Earth Black MasterCard application form so that it can run side by side with the Black Altitude card and I had better do one each.
 
wafliron said:
The general understanding is that, yes, for personal tax you do need to have the CC in credit to claim the surcharge as a tax deduction.

Make sure to weigh this deduction up against what else you could do with the money - in my case I'm better putting the CC in debit, not claiming the surcharge, and leaving the cash in my offset account for another 25-55 days.
Click to expand...

There is a fairly detailed discussion of this somewhere - I assume it was earlier in this thread but can't find it!

Anyway, my quick summary - I agree with wafliron that you need to weigh up the different options based on your personal circumstances. However, if you have a tax bill larger than your credit limit, you will not be able to take advantage of the credit card interest free period on the full amount (as you will have to pay money onto your card mid cycle no matter what). Also, bear in mind that your tax due date might fall right at the end of your credit card billing cycle, in which case you would get little benefit from the credit card interest free period.

It also clearly depends on whether you use Amex (1.45% fee) or MC/Visa (0.48% fee). If you're on the top income tax rate, for every $10k of tax you pay, you would pay a fee of $145 with Amex and be able to recoup $67.43 by claiming a deduction. You'd need to be able to get about 45-50 days interest free on $10k to make the same amount by leaving it in an offset account (and I'm not sure if 45-50 days interest free is even possible with any of the top points earning cards). However, with MC or Visa, the fee would be just $48, and you could recoup $22.32 by claiming as a deduction. In that case you'd only need about 15 days interest free on your credit card to make that a better option.
 
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