ATO (tax office) payments by credit card

[albyd]

Hi,

I'm within a few weeks of my Altitude Black promotion expiring and have been looking for other options (with Altitude MC back to 0.625 earn/$) and I thought I'd have another look at ANZ Rewards Black. First time I looked at it, it didn't seem to be as good as Altitude Black (outside of the double points promotion). I've run some sums and I think I may have found a reasonable VISA for paying the fiscal fiend. Interested in your opinions and if I have my calculations correct. Based on the convoluted figures on the ANZ site at https://anzrewards.com/public/redeem_category.aspx?deptid=6852 it looks like the following (I've excluded Air NZ):

VA 2250 ANZ pts = 1000 VFF pts
KF 6000 ANZ pts = 3000 KF pts
CX 3000 ANZ pts = 1500 CX pts

On the basis you get 2 ANZ pts per $1 VISA spend, with the above conversion factors:
Spend $1125 to get 1000 pts = 0.89 VFF/$
Spend $3000 to get 3000 pts = 1 KF/$
Spend $1500 to get 1500 pts = 1 CX/$

On the basis you get 3 ANZ pts for $1 AMEX spend, similarly:
Spend $750 to get 1000 pts = 1.33 VFF/$
Spend $2000 to get 3000 pts = 1.5 KF/$
Spend $1000 to get 1500 pts = 1.5 CX/$

Whilst AMEX spend (except for VFF) is the same as all other Bank issued AMEX, VISA value is higher (except for Citi Select which doesn't work in this application).

I might be applying for one of these to avail myself of the lower surcharge on VISA in a few weeks' time. 40,000 sign up reward (apply as a new customer before June 30) & 10,000 bonus for spending > $50K in a year.

Albyd.

 

[Beta4Me]

KF 6000 ANZ pts = 2000 KF pts
CX 3000 ANZ pts = 1000 CX pts

They're both 3:1 and VA is 2.25:1. That changes the rest of your figures.

 

[Danger UXB]

They're both 3:1 and VA is 2.25:1. That changes the rest of your figures.

+1
not a good value card for "point harvesting" IMHO

 

[RooFlyer]

Hi ghost dunks or anyone else who can help! Quick question. About to follow your footsteps with paying my tax with the altitude black during the the double rewards point period and am waiting to receive my black card. When i spoke to westpac though they indicated that I wouldn't get any points on government charges including paying my tax. Just wondering if your transaction went through and you got points in the bank?
I'm feeling a bit hesitant loading up my credit card and paying their surcharge if I don't get the double points or any points for that matter...

Yeah. It's quite extraordinary. It's one thing helping people. It's totally another thing spoon feeding information that could be obtained with an absolute minimum of effort with a mouse, a few clicks, an eyeball or two and a few processing cells. Sorry to be so harsh but I do shake my head at times.

And for anyone who bothers to read this: please don't ring the banks to ask. Please read as much of this thread as you can. You don't need to start at the beginning. But PLEASE make some efforts of your own.

I've recently changed banks to CBA for my business account; got a Business Platinum AMEX (that's CBA Platinum, not AMEX platinum) and MCard. I previously had a ATO points earning card, but have decided to consolidate cards, accounts etc - it was getting out of hand for this small business. Nice to earn extra points but frankly business simplicity comes first .

Well, I've done the required trawling through the thread and keyword searching too (search on CBA is tricky without diluting) and one of the few things I came up with earning on 'plain' CBA business cards is this which, whilst old, doesn't seem too encouraging, although there was a follow-up post about BPay.

So with trepidation at being growled at, and resisting a call to my friendly personal banker at CBA, can anyone advise the situation with CBA Business Cards? I'm happy to suck it and see but naturally don't want to trigger some 'its a cash advance, sucker!' result.

(But BTW - surely the banks know about the ATO payment for points situation? Do we really think the sword of Damocles is hanging over this one?)

 

[RooFlyer]

I had 40K limit on Black Altitude - out of the blue I get letter from Westpac saying they have approved my credit limit request to 80K - mad no request at all - go figure.

BTW, this (offering credit increases) is "illegal" unless you have given them prior approval to offer you credit increases. I (or rather, my business' card) got an unsolicited offer from ANZ a while back; asked them to prove that I had given consent. They couldn't, so I made a complaint to ASIC. ASIC took it up.

 

[Cruiser Elite]

But I don't have a problem with it RF - no biggie for me.

 

[legroom]

I've recently changed banks to CBA for my business account; got a Business Platinum AMEX (that's CBA Platinum, not AMEX platinum) and MCard. I previously had a ATO points earning card, but have decided to consolidate cards, accounts etc - it was getting out of hand for this small business. Nice to earn extra points but frankly business simplicity comes first .

Well, I've done the required trawling through the thread and keyword searching too (search on CBA is tricky without diluting) and one of the few things I came up with earning on 'plain' CBA business cards is this which, whilst old, doesn't seem too encouraging, although there was a follow-up post about BPay.

So with trepidation at being growled at, and resisting a call to my friendly personal banker at CBA, can anyone advise the situation with CBA Business Cards? I'm happy to suck it and see but naturally don't want to trigger some 'its a cash advance, sucker!' result.

(But BTW - surely the banks know about the ATO payment for points situation? Do we really think the sword of Damocles is hanging over this one?)

CBA AMEX Platinum - personal

Good for me - last used 12 months ago.

Switched to ALT BLACK since

 

[BillytheFIsh]

RooFlyer - I don't have a CBA Amex, but I've read every page of every thread about such things and I can't recall an instance of a big 4 Amex charging an ATO payment through the online portal as a cash advance. For that matter - I don't think I can recall any card at all charging it as a cash advance - so you should be fine there.

I have tried the other 3 of the big 4 and all pay points. I have seen reports of ANZ Platinum not paying, but mine does.

That doesn't exactly answer your questions, but give it a go I reckon (with a small amount at first if you just want to dip your toe in the water).

 

[RooFlyer]

Thanks. I guess the thing to do is make an ATO payment, then pay off the card next day and see what happens. Overnight should be enough to trigger anything bad, but only one night can't do too much damage (I really try hard not to spoil that nice Mr Hockey by giving him too much in the first place.)

Will report back!

 

[albyd]

+1
not a good value card for "point harvesting" IMHO

Thanks for the feedback guys. I've had another look at it. I agree, pretty ordinary visa earn rate except for VA. might give this one a miss.

 

[cove]

I can feel more profits going to companies now that the surcharge is in place. The 2% levy may not reap the cash it is supposed to next financial year.

 

[diningdecadence]

ahh yes but the company tax rate is dropping too, which is a disappointment for an employee like me. those of you with self owned businesses much less so i suspect!

 

[cove]

Well we do get penalized by having to pay the BAS on 21st day after month end but our debtor accounts pay about 51 days so basically it takes the first xx_ hundred thousand dollars away a month too soon. The best idea came from js where we can fund the ATO on favourite credit cards and get some FF points.
I still pay a few days early and it is not a big problem.

 

[Pushka]

I've just checked in online and it says BAS is due on 28th July but on the main page before log in it states 11th August as we satisfy all the criteria. Any reason for the difference? My first time lodging BAS but have completed 2 IAS lodgements.

 

[deka2]

Once a business reaches a certain threshold BAS must be lodged monthly, being due on the 21st of each month, with no extra time to lodge.

Smaller entities which include most of us pay Quarterly, due on the 28th of the month after , with some concessions for extra time to lodge, depending on which quarter and how you lodge your BAS.

 

[Pushka]

Once a business reaches a certain threshold BAS must be lodged monthly, being due on the 21st of each month, with no extra time to lodge.

Smaller entities which include most of us pay Quarterly, due on the 28th of the month after , with some concessions for extra time to lodge, depending on which quarter and how you lodge your BAS.

But we aren't there yet $wise for this entity. Maybe next year.

I now lodge online and thought it was 11th August. This is for the final quarter BAS for 2014. We lodge IAS monthly. I'll be overseas all July and don't want to deal with BAS until we get back.

 

[diningdecadence]

But we aren't there yet $wise for this entity. Maybe next year.

I now lodge online and thought it was 11th August. This is for the final quarter BAS for 2014. We lodge IAS monthly. I'll be overseas all July and don't want to deal with BAS until we get back.

that sounds like the 2 week extension for online lodgement.

check with your accountant - but the link is here - https://www.ato.gov.au/General/Onli...rms-and-conditions---two-week-deferral-offer/

 

[serfty]

that sounds like the 2 week extension for online lodgement.

check with your accountant - but the link is here - https://www.ato.gov.au/General/Onli...rms-and-conditions---two-week-deferral-offer/

Exactly! Those who pay every ¼ get an additional two weeks if they lodge online (it used to be three weeks).

 

[Pushka]

Yes. That's what I thought too. But when I log in to see the BAS4 statement it says 28th July. I know in past years I've got the accountant to lodge BAS4 online to get the extension as July is our holiday month.

I'm very on time with payments so will just lodge in early August.

Is there any issue if you complete the online statement early in July but not pay until August? Knowing the ATO they'd probably charge me interest even though it's not due.

 

[cove]

Yes there are different BAS dates for size of entity. I have just under a dozen to complete where one is monthly and the rest are quarterly so it feels like a continuous obligation especially when we are travelling. Of course we have to travel to stop a build up of credit card points.
I can pay through the ATO site when I am away so I always try to get this done early rather than late.