ATO (tax office) payments by credit card

[ComeFlyWithMe]

If you don't mind paying for it.

Bit of a waste of money paying them a few hundred when I can do it in 5 mins.

 

[burmans]

Bit of a waste of money paying them a few hundred when I can do it in 5 mins.

That's exactly my view too!

 

[Warks]

My accountant and his book keeper seem to manage all this for me and just tell me when to make payment. Isn't that the easiest way?

That's what I do as well. I find their charges very reasonable. You've got to value your own time - if I had to spend x hours trying to get all that done properly so I can sleep at night that's x hours I could be spending in my own business which earns me more money than what I'd spend on the accountant.

I've been in my own business for over five years now and I've been surprised how simple it all is. I keep tax invoices for everything (even the $7 sandwich) and enter them all in a spreadsheet. I keep a log of all my billing and payments in another spreadsheet and submit it all quarterly to the accountant who is very happy with it. He then comes back with a BAS amount to pay which is nearly always whatever money I have left if I take expenses away from income!

My accountant told me the tax payment is due on the date stated but they don't get nasty until your interest bill (at what rate?) on the outstanding amount hits $50. For most payments that gives me a few more weeks. The accountant warned me not to make a habit of it though. Since I've been using the credit card to pay the tax it doesn't really matter so much. Got to time it so the bill appears on the statement after next though to max the interest free period.

 

[DaveB]

We are way OT but interesting discussion regarding different ways we run businesses.
The time it takes to enter into a SS equals the time to enter into MYOB or whatever accounting package you use.
My accounting/bookkeeping costs are under 1% of turnover and include annual returns for 2 businesses, family trust and 4 individual returns.

 

[Pushka]

That's what I do as well. I find their charges very reasonable. You've got to value your own time - if I had to spend x hours trying to get all that done properly so I can sleep at night that's x hours I could be spending in my own business which earns me more money than what I'd spend on the accountant.

I've been in my own business for over five years now and I've been surprised how simple it all is. I keep tax invoices for everything (even the $7 sandwich) and enter them all in a spreadsheet. I keep a log of all my billing and payments in another spreadsheet and submit it all quarterly to the accountant who is very happy with it. He then comes back with a BAS amount to pay which is nearly always whatever money I have left if I take expenses away from income!

You do realise that you are doing all the work anyway don't you? All you need now is an excel formula at the bottom that calculates Totals and GST and you have the amount you need to pay? And the timing of payment is pretty much the same every month or quarter - so you just complete the paperwork - that is the fast bit, click on the ATO credit card website, pay your bill, and you are done.

 

[Beta4Me]

This is a worthwhile discussion. I suggest a mod forks the thread so it can continue and we can stay on topic here.

 

[hossein_au]

I think the names of the cards is in cove's post. Am I missing something?

I am certainly known to miss the most obvious, but doesn't NAB offer more than only one type of AmEx ("Nab Amex pays...")?

 

[get me outta here]

I've gone back a large number of pages but didn't see which cards are useful. I looked at post 1 which was edited by serfty; 24th February 2014, so maybe that is up to date. Anyhow, but I am planning on using the WQFEDRCC. Will that give 1:1 ?

 

[hossein_au]

I've gone back a large number of pages but didn't see which cards are useful. I looked at post 1 which was edited by serfty; 24th February 2014, so maybe that is up to date. Anyhow, but I am planning on using the WQFEDRCC. Will that give 1:1 ?

What was said was "Nab Amex pays 1.5 Qantas points per dollar on their version of Amex co-branded card. Great for domestic J flights. Westpac Amex can get you Kris Flyer miles which can be really good for international flights.
It really is a personal choice as to which cards to use with the Big 4 banks on the fiscal fiend." (quote hereby credited to Cove ).

 

[get me outta here]

Ok thanks, and the Woolworths QF EDR CC - any one used that and got points?

 

[cove]

That was a Platinum version of the Amex Kris Flyer card from Westpac. I used one of these today.
Yes the Woolies EDRCC does go a point a dollar to Qantas but be aware that Macquarie Bank bought this business from HSBC so read everything to watch for changes.

 

[Beta4Me]

Ok thanks, and the Woolworths QF EDR CC - any one used that and got points?

Heaps of us have to great success That said, it grows a little tiring having people ask the same questions again and again without searching such readily available information. It is worth noting, though, that one must not be overly enthusiastic with using this card for ATO spend without lots of other expenditure on it as Woolworths Money has closed cards of people that have done this.

 

[get me outta here]

Thanks, I shall heed that advice. I did say a couple of posts ago that I searched many many many pages and it was not actually " readily" available. Perhaps the first page could be updated.

Heaps of us have to great success That said, it grows a little tiring having people ask the same questions again and again without searching such readily available information. It is worth noting, though, that one must not be overly enthusiastic with using this card for ATO spend without lots of other expenditure on it as Woolworths Money has closed cards of people that have done this.

 

[Beta4Me]

Thanks, I shall heed that advice. I did say a couple of posts ago that I searched many many many pages and it was not actually " readily" available. Perhaps the first page could be updated.

Sorry, I didn't notice. I guess it's a bit hard to find something when you don't already know what you're looking for which for many of us is true.

 

[sumthinfornuthin]

Ok thanks, and the Woolworths QF EDR CC - any one used that and got points?

I reckon its the best card. Pre fund and no point capping

 

[Deleted User]

....Yes the Woolies EDRCC does go a point a dollar to Qantas but be aware that Macquarie Bank bought this business from HSBC so read everything to watch for changes.

I'll be considering if I'll be keeping this card if there's too many changes... I have a plan which starts to kick in around June 30 and it doesn't involve a card with a red triangle on it

 

[Newk]

Thanks, I shall heed that advice. I did say a couple of posts ago that I searched many many many pages and it was not actually " readily" available. Perhaps the first page could be updated.

the best way is to start at the end and work back. It usually won't take long to find an answer. Especially about the WWEDRC . It is often asked about. If you go back far enough you may see why your question was commented upon
That said you have a great point about updating earlier lists
There is also a search function which is only fair. LOL I just searched WWEDRC and ATO and got no answers. But WW and ATO gets you there. It ain't the best
Happy tax paying gmoh

 

[legroom]

Ok thanks, and the Woolworths QF EDR CC - any one used that and got points?

Are you sure you have been perusing the thread or just the last 3 pages ?

If you have, then the answer has been repeated on numerous occasions.

In short, yes !

 

[cove]

Seeing it is technically the end of the 2013 tax year the cards I no longer use for ATO are Amex Ultimate, Amex Velocity, Citibank Select (non Qantas) and Citibank Select Qantas for obvious reasons.
I avoid cards that have any monthly or annual points capping which give you no points if you exceed the rule limits.

 

[get me outta here]

Yep, exactly what I did for many many many pages. And agree, I don't often have luck searching for specific words.

the best way is to start at the end and work back. h