ATO (tax office) payments by credit card

Based on these figures, am I right to continue using my amex plat to pay off ATO bills, if I had done the calculations correctly with the right conversions?

p.s. My only other card is Citi plat rewards card as I was unable to get the signature so had to get the missus to sign up for it. Don't know about my chances on getting another rewards card if I'm self employed anytime soon.

Would have thought you should try a non amex velocity earning card then transfer.
 
I ... thought I might stick it on the Velocity Amex. ...

... I just did my own calculations based on using Amex Plat card.


As a general rule:

Amex-issued Amex - BAD

Bank-issued (Big 4 minus Westpac) Amex - GOOD


Seriously, it's just not even close to worth it to pay 1.45% surcharge for 0.5 pts/$. You can buy MR points from Amex for cheaper.

If you don't have or can't get a CC with decent earn rates for ATO, then put the cash onto a Q Caash or Vel Wallet card and get 0.5 pt/$ for 0.42% surcharge = <1c/pt
 
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There was a post earlier comparing with a hypothetical ato bill to compare surcharge difference and points gained from both types of cards. It's really dependent on the card's points conversion to miles ratio.

Well, I just did my own calculations based on using Amex Plat card. Please correct me if I'm wrong.

Amex use on ATO bills
$1 = 0.5 MR pts
1.45% surcharge

e.g.: $10,000 bill
= 5000 MR
= $145 surcharge
therefore, 5000 MR = 5000 KF miles (1:1 ratio for amex plat)
--> 34.48 KF miles/$
note: should you consider tax deduction when calculation pts/$ ?

SQ F MEL-LHR flight
= $13,000 for flight this month
= 225250 KF miles (after 15% discount)
--> 17.32 KF miles/$

Based on these figures, am I right to continue using my amex plat to pay off ATO bills, if I had done the calculations correctly with the right conversions?

p.s. My only other card is Citi plat rewards card as I was unable to get the signature so had to get the missus to sign up for it. Don't know about my chances on getting another rewards card if I'm self employed anytime soon.

dont forget the taxes on the reward ticket and please don't pay ATO with an Amex Amex use another route to suites
 
Yes, for QF .... not sure about VA.

Great! Thanx. If it earns QF points I don't see any reason it shouldn't earn VA points. All of the sudden CBA card becomes very valuable. Because it practically earns 1.5/1.35 = 1.11 KF points/$ of ATO payments. Not as good as KF platinum card but I'm afraid that's the best rate we can get now. Certainly way better than the 0.5pt/$ for AMEX card and a lot better than Westpac.
 
Great! Thanx. If it earns QF points I don't see any reason it shouldn't earn VA points. All of the sudden CBA card becomes very valuable. Because it practically earns 1.5/1.35 = 1.11 KF points/$ of ATO payments. Not as good as KF platinum card but I'm afraid that's the best rate we can get now. Certainly way better than the 0.5pt/$ for AMEX card and a lot better than Westpac.

Don't forget the 1,000,000 point cap (500,000 QFFP per annum) ... the card only gets to see sunlight a few months a year :D
 
It felt bad paying part of my BAS realizing I won't get any points for the purchase, but at least it acts like a free loan as it saves taking the money from my savings and home loan account.
 
I cant quite remember but dont you get 3 points per dollar on the cba diamond amex? if so thats only 333333 to hit the cap.

Yes, "only" $333,333. I'm not like some rich person that has big company tax to pay. My BAS will have trouble trying to hit even $100k mark..... If I spend more than $333k a year, something is wrong with me
 
Great! Thanx. If it earns QF points I don't see any reason it shouldn't earn VA points. All of the sudden CBA card becomes very valuable. Because it practically earns 1.5/1.35 = 1.11 KF points/$ of ATO payments. Not as good as KF platinum card but I'm afraid that's the best rate we can get now. Certainly way better than the 0.5pt/$ for AMEX card and a lot better than Westpac.

Also with the CBA Diamond you can "great rate" the ATO payment & still get the points. I recently did it with a $50k payment which means they charge you a special 1%pa rate for 3 months, so if you have an offset mortgage account you can stick the money in there for 3 months then repeat when the next tax bill comes in.
 
Also with the CBA Diamond you can "great rate" the ATO payment & still get the points. I recently did it with a $50k payment which means they charge you a special 1%pa rate for 3 months, so if you have an offset mortgage account you can stick the money in there for 3 months then repeat when the next tax bill comes in.

How do you request "great rate"? I looked into it, it sounds like you have to call CBA. Do you tell them you are paying ATO? Then what happens when statement comes the next month? Do all transaction goes to "great rate" and you just pay minimum for 3 months? Or statement will just require you to pay all other transactions except the ATO payment?

I've locked my CBA diamond card away for a long time and have been burning my Westpac card. Thanks to Westpac's devaluation, I'm revisiting CBA card now.
 
Bundy Bear sometimes I worry about you.
I think I have 2 months left before I will need to pay anything as I rushed to beat the cut off date on 2 Westpac Black cards.
 
How do you request "great rate"? I looked into it, it sounds like you have to call CBA. Do you tell them you are paying ATO? Then what happens when statement comes the next month? Do all transaction goes to "great rate" and you just pay minimum for 3 months? Or statement will just require you to pay all other transactions except the ATO payment?

I've locked my CBA diamond card away for a long time and have been burning my Westpac card. Thanks to Westpac's devaluation, I'm revisiting CBA card now.

You call them. My call went something like this.
I'm interested in the great rate product
Yes all you do is call us within 14 days when you have made the purchase sir & I can set it up for you
I've already made it
Oh good the $50k to the ATO?
Yes
Ok I'll set that up for you now. Ok it's done anything else I can help you with.
No thanks bye :)

So easy really no big secret that it's the ATO, I got the points as normal. I'm sure that as always good things come to an end & they'll probably exempt ATO from great rate & points but for now it's ok.

You need to check with them about the rules for paying it back but I'm only putting a few other minor items through & I'll pay them off plus the great rate interest each month then pay it all off after 3 months & repeat until it stops

BTW you can only great rate 1 purchase at a time & a max of 6 a year. So it's only worth doing if you have fairly big purchases
 
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