ATO (tax office) payments by credit card

[Colrad]

Could you let us know how you go?

Yes, will do

 

[Colrad]

I made a PAYG withholding payment yesterday with NAB premium but my statement cycle doesn't come around again till 16th March. Anyone who has a statement cycle ending in the next week would certainly help out a lot of members it seems, if they can confirm whether points are posting.

Apologies, but the card I used was also the Nab Premium card, not "Platinum" as originally posted and subsequently corrected. It is a spare card that I decided to use after Westpac nobbled the earn rate for ATO payments on the Earth Black card.

Sorry for any confusion caused.

 

[edman]

The current NAB Premium cards have "Platinum" marked on the actual card, so its a bit confusing! An older product was actually called Platinum

 

[Colrad]

The current NAB Premium cards have "Platinum" marked on the actual card, so its a bit confusing! An older product was actually called Platinum

Thanks edamn, and yes they do indeed say Platinum! I just checked mine.

As long as the points post, they can call it a NAB hamburger with cheese for all I care.

 

[ComeFlyWithMe]

If not for the AML and risk of chargebacks, how great would a payment clearing house be where you pay by CC and the clearing house EFT to your chosen destination for a nominal cc processing fee?

This is exactly what OptusSmartPay is (the ATO portal) but a third party service would thwart the bank's new restrictions.

With tight customer terms and a 2-3 day payment delay, it might actually work... We'd need a killer merchant rate and a fully automated system.

Business venture anyone?

 

[Nizar]

I've just applied and been approved for NAB Qantas Premium, once I receive it I'll put $1k on the Amex and see what happens and report back.
If no go I will simply cancel the card.
Need to pay around $20k to the ATO next month so hopefully get info either from myself or others before then on whether or not this card is a goer.

 

[ComeFlyWithMe]

If not for the AML and risk of chargebacks, how great would a payment clearing house be where you pay by CC and the clearing house EFT to your chosen destination for a nominal cc processing fee?

This is exactly what OptusSmartPay is (the ATO portal) but a third party service would thwart the bank's new restrictions.

With tight customer terms and a 2-3 day payment delay, it might actually work... We'd need a killer merchant rate and a fully automated system.

Business venture anyone?

Following up on this, if you'd have an appetite for an Amex payment solution for ATO (and other charges eventually) at 1.6% + $1 service fee, like this post. No reference to the ATO so full points payable on any credit card...

This rate would reduce down to 1.2% depending on take up.

Initially this would be invite only.

 

[asg29e]

Following up on this, if you'd have an appetite for an Amex payment solution for ATO (and other charges eventually) at 1.6% + $1 service fee, like this post. No reference to the ATO so full points payable on any credit card...

This rate would reduce down to 1.2% depending on take up.

Initially this would be invite only.

At the moment not the best Amex rate for ATO but with all th CC enhancements going on I suspect it soon will be the best deal going round if you can make it work. Count me in.

 

[ComeFlyWithMe]

At the moment not the best Amex rate for ATO but with all th CC enhancements going on I suspect it soon will be the best deal going round if you can make it work. Count me in.

Yeah true. Unfortunately Amex rates for new merchants are rather high. If we can get it up to $250k per month the rate would come down.

That's probably just cove's monthly bill

I'm looking into it as at present there would still be a manual process on the EFT side, so there would have to be a charge for the service to cover costs and remunerate for the risk.

 

[Newk]

Following up on this, if you'd have an appetite for an Amex payment solution for ATO (and other charges eventually) at 1.6% + $1 service fee, like this post. No reference to the ATO so full points payable on any credit card...

This rate would reduce down to 1.2% depending on take up.

Initially this would be invite only.

LOL, may I have an invitation

 

[ComeFlyWithMe]

LOL, may I have an invitation

If it eventuates, sure

One big caveat would be the payment processing times may be 5-7 business days. If you're organized, this probably isn't a big deal but for those who leave it to the last minute for BAS payments this could be a problem.

All members would need to be pre-registered. We might need to bring in a join fee to cover a credit check as a once off.

The risk is that a member initiates a credit card chargeback and the money has already been transferred to the destination. This would be a big risk and a big problem, hence invite only. If this happens it would end abruptly.

 

[cj0325]

Based on the lack of excitement, I'm guessing most users aren't yet aware of the current ANZ 20% bonus on Velocity Redemptions, with a status credit bonus of 50 to 100 SCs...

I'm excited!

 

[Flysense]

nice! Taxation 2.0

 

[cove]

I can understand you being excited by a 120% points earn but even though ANZ was a credit card of choice back around 1989 there are quite a few years where they went into the wilderness of having poor card rewards. Recently ANZ Black has changed that for one of my sons so some months I share a tax bill onto his card. Getting a QF point for under 1 cent off the ANZ black card Amex version is quite ok so far.

 

[Mark3000]

Based on the lack of excitement, I'm guessing most users aren't yet aware of the current ANZ 20% bonus on Velocity Redemptions, with a status credit bonus of 50 to 100 SCs...

I'm excited!

And the status credit bonus is really exciting. Thanks for letting us know

 

[Unlimited Points]

Based on the lack of excitement, I'm guessing most users aren't yet aware of the current ANZ 20% bonus on Velocity Redemptions, with a status credit bonus of 50 to 100 SCs...

I'm excited!

Pushed about 50k in points from ANZ black yesterday to Velocity. Don't fly them much so don't need SC, but nice to have an extra 20% points

 

[Nizar]

Pushed about 50k in points from ANZ black yesterday to Velocity. Don't fly them much so don't need SC, but nice to have an extra 20% points

Nice profile name mate. Though I suspect a bloke on here named "cove" will give you a good run lol

 

[jamesD]

The risk is that a member initiates a credit card chargeback and the money has already been transferred to the destination. This would be a big risk and a big problem, hence invite only. If this happens it would end abruptly.

I'd always wondered why there was no debit card available that earned points and charged the normal cc fee. I'd happily forgo the interest-free period of a credit card to have a debit card that doesn't have any ATO restrictions.

 

[ninja-tim]

I'd always wondered why there was no debit card available that earned points and charged the normal cc fee. I'd happily forgo the interest-free period of a credit card to have a debit card that doesn't have any ATO restrictions.

Isn't there the Qantas/Virgin money cards that earn ff points?

 

[ComeFlyWithMe]

Following up on this, if you'd have an appetite for an Amex payment solution for ATO (and other charges eventually) at 1.6% + $1 service fee, like this post. No reference to the ATO so full points payable on any credit card...

This rate would reduce down to 1.2% depending on take up.

Initially this would be invite only.

Based on the 18 likes so far I'm guessing you guys are interested

I need to make a few enquiries regarding whether the monies would need to be held in trust (I assume so), whether an AFSL is required, GST applicability (which there would certainly be on the fees, just need clarification on whether it would apply to the payments as it won't be a government entity taking the payment like the RBA), etc. etc. but it seems there is indeed a market for this.

Other low-risk payees could be added such as utility companies (many don't take Amex, or your card company gives you poor points on these too).

I might put a surveymonkey together to guage the frequency and size of transactions from those interested to help the business case. Stay tuned.