ATO (tax office) payments by credit card

[burmans]

My US FICO score has soared as I have all my US credit cards on Auto Pay to avoid any issues of missing something.

This supports what I have been telling my friends about Comprehensive Credit Reporting. Once we finally do get this, repayment history will become THE most important individual factor in your credit file (and also total borrowings) so setup up auto-payments on your accounts.

 

[andye]

This supports what I have been telling my friends about Comprehensive Credit Reporting. Once we finally do get this, repayment history will become THE most important individual factor in your credit file (and also total borrowings) so setup up auto-payments on your accounts.

Keen on the repayment history being important. Are we expecting 'total borrowings' to be the same as credit limits or is it the US system where they look at ratio of balance to limit

 

[richardsmith01]

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.

Following on from some of the discussions regarding paying SMSF expenses from a personal credit card so as to get the points, without wishing to be the bearer of bad news, this is not permitted as it is a breach of the sole-purpose test (among other things) and the ATO would take a dim view of it, with potentially significant penalties for doing so if they find out.

 

[james4321]

Another one bites the dust !!!!

Change of conditions for ANZ Rewards Black - as from 27 February 2016:

You will not earn Rewards Points on interest charges; premiums paid for ANZ Credit Card Insurance; government
charges; bank fees; payments made to the Australian Taxation Office; card ....

 

[andye]

What a week for bad FF news (acknowledging that there have been far more important real bad news stories this week)

 

[kpc]

Another one bites the dust !!!!

Change of conditions for ANZ Rewards Black - as from 27 February 2016:

You will not earn Rewards Points on interest charges; premiums paid for ANZ Credit Card Insurance; government
charges; bank fees; payments made to the Australian Taxation Office; card ....

oh no.....one last hurrah for my Oct-Dec BAS which would be due on Feb 28

 

[amaroo]

Another one bites the dust !!!!

Change of conditions for ANZ Rewards Black - as from 27 February 2016:

You will not earn Rewards Points on interest charges; premiums paid for ANZ Credit Card Insurance; government
charges; bank fees; payments made to the Australian Taxation Office; card ....

Totally predictable. No doubt the FF Black version will suffer the same fate.

 

[cove]

I get more hurrahs as the bills come monthly over in Perth.
We may have to become importers of titanium bladed scissors........

 

[pgsdiver]

Such sad news

 

[mark4217]

RIP ANZ Black, still a good card combo all the same.

 

[ComeFlyWithMe]

Following on from some of the discussions regarding paying SMSF expenses from a personal credit card so as to get the points, without wishing to be the bearer of bad news, this is not permitted as it is a breach of the sole-purpose test (among other things) and the ATO would take a dim view of it, with potentially significant penalties for doing so if they find out.

The ATO have also ruled that in most cases frequent flyer points are not an assessable fringe benefit, as it constitutes a contractual arrangement between the individual and the airline, so it can be up to interpretation.

 

[deka2]

Very bad news, but as others have said not unexpected
Not many left now
At least we still have three months

 

[Mark3000]

Nooooooooo!!! I just got it this month
I seriously thought about canceling my woolworths visa but it becomes even more important now

 

[Danger UXB]

Scissors again please Cove. ANZ black joins the club. Good job I am getting 25% bonus points until end of jan 16 Best I hammer it hard in true AFF fashion before the wake!

 

[Foreigner]

My Westpac SQ cards still deliver points on ATO spend

 

[cove]

Yes Foreigner that one works a treat but for those who churned cards many could not get back when Westpac chose to withdraw the issuing of new cards a while back.
I still try to remember to put $5,000 a month on that Woolies CC to get 3,750 QF points on more than one card each month.

 

[legroom]

Totally predictable. No doubt the FF Black version will suffer the same fate.

Good reasons to take out a pair of scissors once the current fee-free year is over.

ATO-free, Westpac Alt Black has better earn rate than this more expensive ANZ option.

 

[serfty]

I get more hurrahs as the bills come monthly over in Perth.
We may have to become importers of titanium bladed scissors........

I guess for you that pesky Forex rate with the USD is gunna get more and more analysis going forward ...

 

[cove]

I really should do a Uber/Apple/Chevron/Microsoft and forget about the points. I still remember Kerry Packer and his thoughts about where the ATO fitted in his scheme of things.
Forex can be tricky and it takes extra time to shuffle the card payments thru the US. That said my last 3 have cost close to zero and I do get a buzz from winning.
Don't bother with a directly issued US Amex. I just did a tester this month to be certain it was a waste of time.....and it was.
Having just finished the ATO for October I have a land tax bill to process.

 

[amaroo]

Good reasons to take out a pair of scissors once the current fee-free year is over.

ATO-free, Westpac Alt Black has better earn rate than this more expensive ANZ option.

We've got a couple of these cards that went on the meter sometime ago. We'll keep them producing whilst the sun is shinning ... like many, we use them around the 20th of each month. Any word on the FF black version .... maybe, it's still good? LOL I always try and stay positive