ATO (tax office) payments by credit card

[cove]

My son is looking at QCU cc and BW platinum cc as his Plan B. His Westpac Black Amex is pretty expensive at 0.75 Kris Miles at the 1.45 % surcharge. If you can claim that cost as a tax deduction it can bounce back to being viable for you.

 

[Scr77]

Looks like HSBC has bitten the dust this month. I'm still at 1:1 but, ATO points from last week haven't posted like they would normally. Sad face.

 

[FuzzyAUS]

Congratulations on getting the World card GMOH. That one is a QF point a dollar and is uncapped. It is a card that others will want but it is by invitation only.

Excuse my ignorance, which card is this?

 

[cove]

This is a BW card and I only know three who have it. Coated in unobtainium as it is by invitation and I have never seen it advertised.

 

[quokka77]

The river ran dry. Just when I'm about to move from PAYG to quarterly payments (pay your own tax). maybe we need to move this discussion into back channels if we want the few remaining earners to last?

 

[Ibhayi]

Doesn't the Qantas Credit Union offer points for ATO payments at 1:1?

 

[amaroo]

Doesn't the Qantas Credit Union offer points for ATO payments at 1:1?

Sure does :mrgreen:

 

[Kangol]

This will sound silly, but how about overpayment to the ATO, which then becomes refunded to you? Will that/does that work?

 

[cove]

You may have to wait between 7days and 28 days for the refund.
Now this is not financial advice and your mileage may vary and the refund time could vary.
See CE's comment below on getting any tax refund paid directly into your bank account as the postal service in Australia has gone from bad to worse than bad.

 

[Cruiser Elite]

This will sound silly, but how about overpayment to the ATO, which then becomes refunded to you? Will that/does that work?

Will work / does work. The important point here is that you are set up to receive ATO refunds direct into a bank account and not back into your CC.

As with all matters involving finance DO YOUR HOMEWORK and do not rely on AFF for financial advice.

 

[amaroo]

This will sound silly, but how about overpayment to the ATO, which then becomes refunded to you? Will that/does that work?

Probably one of the reasons this goose is just about throttled

 

[Cruiser Elite]

Probably one of the reasons this goose is just about throttled

No I can't agree with that Amaroo - I have a partner in a very big accounting firm with 1000's of clients - he is aware of the ATO BAS refund merry go round - he tells me he has quizzed his colleagues at partners meetings and no other partner is claiming knowledge of clients actively involved in this type of activity.

I specifically asked him 'Would they be genuine and ante up with the info'? His response was 'There are no secrets at these partners meetings - we share - we all benefit'! I might be wrong but I think this is a small pea in a big stew.

 

[Kangol]

Thanks, I should have mentioned "early payment" as well.

Even if people/companies were overpaying and getting a refund, would they get a refund of the card payment fee? Doesn't make sense that they would..
To pay 0.42c per point (for Visa/MC) or 1.45c per 1.5 points (~0.97c per point for Amex) still adds up.
I'm not sure if you could claim a deduction on a cost that is not really a business expense.

 

[amaroo]

No I can't agree with that Amaroo - I have a partner in a very big accounting firm with 1000's of clients - he is aware of the ATO BAS refund merry go round - he tells me he has quizzed his colleagues at partners meetings and no other partner is claiming knowledge of clients actively involved in this type of activity.

I specifically asked him 'Would they be genuine and ante up with the info'? His response was 'There are no secrets at these partners meetings - we share - we all benefit'! I might be wrong but I think this is a small pea in a big stew.

Well, something has/is throttling it.

Double dipping is never good!

 

[Cruiser Elite]

Kangol banks levy the CC fee not ATO so no chance refund there - but ATO will pay you interest for period they have your money due to your mistake.

And if if you cannot claim CC fee for ATO pmts as tax deduction might be time to look around for a new accountant.

 

[Kangol]

Kangol banks levy the CC fee not ATO so no chance refund there - but ATO will pay you interest for period they have your money due to your mistake.

And if if you cannot claim CC fee for ATO pmts as tax deduction might be time to look around for a new accountant.

Just saw this:
https://www.ato.gov.au/individuals/...your_overpayment#interest_on_your_overpayment

We will calculate your interest. Interest will be paid to you with your overpayment, or set off or applied against any outstanding tax debts you might have with us.

Where they calculate the rate to be 5%:
https://www.ato.gov.au/individuals/...ments-and-overpayments-of-tax-2014-15/?page=6

I meant claiming the cc fee for an expense which is not a true expense - ie "overpaying".
eg. if your legitimately deductible amount is $100, you can claim the cc fee used to pay that $100.
But if you overpay say a total of $500, then the $100 (true expense) is deductible but the extra $400 is not.... or are you talking about falsifying deductions? (genuine question because I don't know what you mean in this case)

 

[Cruiser Elite]

I don't think anyone would advocate falsifying anything here on AFF - and certainly not the place to collect financial advice.

 

[kpc]

Don't forget you need to pay tax on the interest the ATO gives you...nearly forgot when doing my 2014/5 tax return

 

[cove]

Thanks kpc for your reminder on including ATO interest in our tax returns....
Didn't js start something big with his first post in this thread.....it seems a long time ago...probably because it is.

 

[shifty]

Looks like HSBC has bitten the dust this month. I'm still at 1:1 but, ATO points from last week haven't posted like they would normally. Sad face.

Mine posted yesterday for ATO transactions only last week.

I have hit my 200k limit now. So do I ditch this card now as the terms will change for me as they have for the new sign up's, or is it still good for 200k a year with ATO?