ATO (tax office) payments by credit card

[quokka77]

AFR article yesterday discussing SMSF fees and charges (for those who have one or might consider one)
https://www.dropbox.com/sc/043etz5aspsle95/AABRGIvC_voYelYo1s7Fqh0wa
https://www.dropbox.com/sc/qtorlxadglkwpq1/AAA11pbmnVKzoEjKrCBpBs0Da https://www.dropbox.com/sc/m4c9kw01wg2ksex/AAAxnoVeEBNg49DRJFGWvB4ga

 

[MelUser]

ANZ Black has been suggested as still working with ATO payments.

What are thoughts on Commbank Diamond Amex - I am confused by 1000000 cap - which translates into 500K QFF points is this correct?

Also, will an ATO spend on 333K come to 1000000 reward points (ie the cap) and I presume year is calendar year?

 

[cove]

MelUser that sounds correct but I don't have that card. Try 333,333 on ATO and see what happens. If you have a plus one then you could try to get a second card if your ATO is bigger than 333,333.

 

[Moindardt]

ANZ Black has been suggested as still working with ATO payments.

What are thoughts on Commbank Diamond Amex - I am confused by 1000000 cap - which translates into 500K QFF points is this correct?

Also, will an ATO spend on 333K come to 1000000 reward points (ie the cap) and I presume year is calendar year?

That is correct, however, I believe the year is based on when you first got the card. I am waiting to hear bank from my banker on that.

 

[amaroo]

CBA cap is calendar.

 

[cove]

Just for those folks who look at this thread.....
I think I may have overpaid using multiple credit cards on multiple accounts......Ouch!
The refunds can go electronically to the bank accounts.
This creates a first world problem of where to fly next week, month and year.

 

[burmans]

Just for those folks who look at this thread.....
I think I may have overpaid using multiple credit cards on multiple accounts......Ouch!
The refunds can go electronically to the bank accounts.
This creates a first world problem of where to fly next week, month and year.

I'm pretty sure you are not the first person on this site who has not accidentally (or maybe on purpose) overpaid!

 

[burnt]

Just be carefull, in requesting your refund, keep EACH request under 10K and wait for the funds EACH time to hit your bank a/c before requesting the next refund.
Incidentally with the rule "enhancement" with HSBC coming shortly I have just managed to "get up" the max 300,000 in 8 days.

Any refund requests over $10,000 are manually looked at at could elicit a please explain phone call, as I know someone to who this happened.

 

[ninja-tim]

Just be carefull, in requesting your refund, keep EACH request under 10K and wait for the funds EACH time to hit your bank a/c before requesting the next refund.
Incidentally with the rule "enhancement" with HSBC coming shortly I have just managed to "get up" the max 300,000 in 8 days.

Any refund requests over $10,000 are manually looked at at could elicit a please explain phone call, as I know someone to who this happened.

I accidentally overpaid by 24k i think for my tax return. Asked for refund and they processed no questions asked. However, they took their time processing it. Had to make couple phone calls to get it going.

Wouldn't they more likely question you if you only want to get 10k refunded at a time? That's more weird asking to refund 10k out of say a 30k overpayment as it'll show on their system how much you're in credit and any past refunds.

 

[robd]

I accidentally overpaid by 24k i think for my tax return. Asked for refund and they processed no questions asked. However, they took their time processing it. Had to make couple phone calls to get it going.

Wouldn't they more likely question you if you only want to get 10k refunded at a time? That's more weird asking to refund 10k out of say a 30k overpayment as it'll show on their system how much you're in credit and any past refunds.

Generally, how long does the refund take? Would it be within a credit card cycle? Interested to know, just in case I happen to make a mistake in the future.

 

[ninja-tim]

Generally, how long does the refund take? Would it be within a credit card cycle? Interested to know, just in case I happen to make a mistake in the future.

Well, optimally you'd want to have enough cash flow in your business so that if you accidentally overpay you aren't going to be in trouble in case you do need the cash for other payments. It took a week or 2 max I think, but you need to wait a few business days after your final payment as it may not show up in your tax account yet. You'd want to get the refund into your bank account though.

 

[robd]

Well, optimally you'd want to have enough cash flow in your business so that if you accidentally overpay you aren't going to be in trouble in case you do need the cash for other payments. It took a week or 2 max I think, but you need to wait a few business days after your final payment as it may not show up in your tax account yet. You'd want to get the refund into your bank account though.

Thanks for that. Hopefully, I won't make that mistake.

 

[RooFlyer]

My hope, in general, is that the system won't be gamed such that the whole thing is shut down. :evil:

Especially writing about it here. :evil:

 

[amaroo]

My hope, in general, is that the system won't be gamed such that the whole thing is shut down. :evil:

Especially writing about it here. :evil:

Indeed.

Greed ... is never good.

 

[burmans]

Indeed.

Greed ... is never good.

While I agree with the sentiments, seriously many on here are interested in gaining from the situation, the AFF motto is even "beat them at their own game", I can't help finding it ironic that we talk about greed not being good in others when in reality most of us want to maximise value for ourselves.

 

[trixydoza]

Pushing massive business flows through on personal cards might also be very reasonably characterised as "greed".

 

[burnt]

If the refund request is kept under 10K it slides back without any manual intervention as ninja-tim mentioned he had to make several calls to chase it up. In my experience 5 days is the standard time from the request to seeing the refund in your bank ( if it is kept under 10K)

 

[cove]

When I accessed the ATO portal I found an overpayment so the accountant requested a refund. It was just a few days (maybe 5 days) to get it back. We have multiple entities so I have to keep good records of the payments for each entity.

 

[Bindibuys]

So what are best options going forward for big ATO payments?

I found out the hard way that NAB had stopped paying for ATO payments.

If money no object as far as fees, are there any cards that pay uncapped on ATO payments?

Thank you for that info..... 4 days too late, just paid 1 ATO bill on my NAB, still have 1 more to pay. which is 3 times the NAB amount, so at least in front there. Should I use my CBA Platinum?

I have been reading the last 10 pages of this thread, and most of the chat is about Platinum cards, I have to pay my boss's personal tax bill next week, and I only have access to my (his) company CC which is ANZ Qantas Frequent Flyer card, will he get QFF points using this card?

 

[Foreigner]

I ran into a $10,000 QCUCC limit last night that kpc had mentioned recently. That could be a little inconvenient for some.

Seems QCU is overly cautious in approving credit.