ATO (tax office) payments by credit card

[cove]

I married a Smith.....did they come from Scotland eons ago?

 

[drross]

I married a Smith.....did they come from Scotland eons ago?

that would be McSmith i presume

 

[kevrosmith]

I married a Smith.....did they come from Scotland eons ago?

You must be my long lost cousin-by-marriage then, cove.

 

[amaroo]

Rip .. CBA

 

[madrooster]

The Coles Mastercard could potentially earn 0.8 ppd to EY, though there's no previous tests of whether they pay points on ATO.

 

[cove]

I was back on paying ATO early this morning and I felt I really shared it around. Have the last two entities to finalise credit card payments. Unfortunately or fortunately the September quarter is a biggie and having been away it seems a bit of a rush. This month I am loading ATO onto all four in the family. ANZ Black and Black Rewards and Citi US were needed.
With that Coles MasterCard we need an official tester.

 

[deka2]

Lets hope ANZ hang on for a while longer.

 

[Ghostdunks]

What? More good news from Cove, the master of this! I too am with esuperfund for my SMSF and I never realised I could do this. I got a tax bill from them for my super contributions last year and I just paid it out of the SMSF ANZ account as they said to do in their communications to me. Specifically, the wording was this "To the extent that the 2014 Annual Return results in a payment please ensure you pay the required amount to the ATO from your SMSF bank account before the due date specified in the Income Tax Notification". Bolding was done by them.

How do you do it, do you just pay the SMSF tax bill on your personal credit card, then just transfer cash from the SMSF ANZ account to the credit card to cover it? And esuperfund is ok with this?

I'm very interested in this because I just made a 30k contribution for this year, and if I can pay the 15% tax on that on one of my ATO-earning cards, that would soften the blow

As long as the path is clear you can pay however and reimburse yourself from your superfund acct. whenever within that same tax year.
Two different auditors have had no issues with this.

Just a quick follow-up on this. I checked with esuperfund as to the possibility of paying my SMSF tax obligations from my personal credit card(for points), then reimbursing from my SMSF bank account, and their reply was:

"We advise that your Fund's tax liability is usually required to be paid from your Fund's bank account. To the extent that tax payment is paid from your personal bank account, it must be reimbursed within 7 days of the original payment date"

So for all esuperfund SMSF clients, looks like a confirmed go for using personal credit cards to pay for SMSF tax. As to the CPF, I doubt this will be expensable to the SMSF, so I'll just personally absorb the CPF myself rather than try and claim it anywhere.

 

[andye]

The concept of flying The Residence on a Coles MC is appealing. Interstingly the card seems to have no forex fees. Not bad for $89 annual fee now the points can be converted to something more interesting than before

 

[Scr77]

Slightly off topic, but I'll post here because most of us on this thread will be business connected/owners.

If your business accepts credit cards as payments, what commission do you pay? Furthermore, our business receives a refund of commission for refunds to cards. Our commission rates for a purchase and refund are different. Given that we don't have a large volume of purchases, our rate is not the best. Others may find that the difference between purchase and refund commissions is small.

I can see businesses that may need to obtain a deposit for goods/services ordered that would be refunded on full payment by direct deposit etc.

I think I have a debit credit card hiding somewhere.

 

[albyd]

I've used Coles MasterCard a long time ago and it paid on fiscal contributions at the time. The new EY arrangement makes it interesting again. Mine has been dormant for some time. Will continue with alternatives for the moment. Interesting to hear if they still pay out.

 

[cove]

I gave up on Flybuys because the earn rate and value is just too ridiculous for words. Getting to 80,000 Etihad points this way is way off the map for us.
If anyone can figure it as a goer let us know.
Coles/Wesfarmers are not being generous that's for sure.

 

[drross]

The concept of flying The Residence on a Coles MC is appealing. Interstingly the card seems to have no forex fees. Not bad for $89 annual fee now the points can be converted to something more interesting than before

unfortunately Etihad have always said you can't upgrade to the residence..you have to 'pay' for it

 

[cove]

Used two US credit cards to pay some ATO and the 0.42% fee was reduced by a .7251 exchange rate versus a .7226 rate so the cost to get AA miles was close to zero. Nor sure if I am getting as tinny as Mrscove but that was really lucky.
Mrscove was chuckling about me getting surveyed by a credit card company that is planning a name change because she knew I had done $10,000 a day of ATO on their Visa card. Nothing to be concerned about I told her.

 

[infinity]

Just did last 120k with CBA

Was good for the years it lasted

Just covered my F Apartment to LHR next Tuesday on EY for final of RWC

 

[get me outta here]

What's the thought on whether Bankwest which is 'owned' by CBA, will cut out ATO too?

 

[get me outta here]

cove, you said you may test the bankwest ... did you get a round tuit and if so what was the outcome please?

Thanks for the update on Qantas Credit Union Jacques.
With BankWest Platinum it probably still works to a limit of 200,000 points capping. I heard that new cards were earning less but that does not seem to apply to the card Mrscove holds. The new year is sometime in August for her card so a test will be the best idea. She has had the card for at least 3 lots of 200,000 and maybe 4 lots.
Her HSBC card is still the full deal as it missed the downgrade so it can go 300,000 points.

 

[cove]

BankWest Platinum is still working for us at 0.75 points per dollar. I think it is 250,000 points per year limit.

Have not started on getting that BankWest World CC as we went to the US.

 

[amaroo]

Just did last 120k with CBA

Was good for the years it lasted

Just covered my F Apartment to LHR next Tuesday on EY for final of RWC

Love your work - Push, you good thing!

We've exhausted the last dregs of the annual limit for a couple of DIA AMEX - good timing! Will keep the cards as they are fee free and pay 1.5p/$ after the 31/12/15.

 

[cove]

Amaroo getting to the annual points cap can be good and bad. Good in that you have maxed out the card and need to find a resting place for it for the rest of the year and bad in that you are at risk of using it and get no benefit at all.
CBA became history before I got to thinking I could use one or two of those cards.....
I did start that new ANZ Black as that one is really worth the trouble. I think I have the new internet log in worked out as I have had a long vacation from using ANZ for anything other than in our eSuper Fund.
Going away when the quarterly tax papers are due to be filed ended up ok so this month is done and dusted.