ATO (tax office) payments by credit card

[scheps]

Just paid some with silver donut on the a few days ago and followed up with a payment into the cc 1 day later, pending status over the weekend, then today both transactions are invisible..... anyone had that before ?

 

[Kangol]

Just did $10 payment to ATO , will see what happen in the next 2-3 days.

I think in the past 6 months there was 3 promotions anz black cc.

first promotion sometime last year, visa 2p , amex 3p ( this visa has been reduced 1.25p - no more ato from 14 march )

second promotion early this year, visa 2p , amex 3p ( so far no points reduce ) - which I have now.

current promotion already has reduced visa 1.25p

Please report back, bbqwer. Interested in your findings.
I saw the same on my statement too.

However if you go to the website and look at the T&Cs, it has the same text and does not mention anything about 1 July 2016:
https://www.anz.com.au/content/dam/anzcomau/documents/pdf/rewards-black-terms-and-conditions.pdf

7.
You will not earn Reward Points on interest charges;
premiums paid for ANZ Credit Card Insurance;
government charges; bank fees; payments made
to the Australian Taxation Office; card account
adjustments resulting from disputed transactions
or otherwise; balance transfers; cash advances (as
defined in the ANZ Credit Cards Conditions of Use)

 

[theblank]

I still have a SMSF tax bill to pay by 28th April.

On the surface that seems to be skating in thin ice in regard to SMSF legislation, because obviously you need to withdraw from the SMSF to deposit into a personal account.

Personally I wouldnt entertain that idea at all, even if my Auditor is happy with it. I have seen before where a regulated entity (company/trust/association) has run into trouble when under adminstration, receievership and the like, and money has moved through a personal account. Despite the money trail being legitimate and verifiable, the administrator didnt care. It was classified it as taking the money, and no ifs nor buts. With an SMSF that may not be as likely but could be if there is a dispute between trustees, or benefactors.


just my 10c.

 

[cove]

Well theblank I paid it today by EFT because both members of the superfund were maxed out on deductible and non deductible contributions so if I had used a CC it could have triggered an excess contribution drama. I had to reacquaint myself with BPaying the ATO as I used to pay like that about 7 years ago.

 

[shifty]

Well theblank I paid it today by EFT because both members of the superfund were maxed out on deductible and non deductible contributions so if I had used a CC it could have triggered an excess contribution drama. I had to reacquaint myself with BPaying the ATO as I used to pay like that about 7 years ago.

Cove as theblank mentioned, when it comes to SMSF I don't muck around, and only pay directly via EFT or BPay only. My auditor would have a fit if anything went through a personal account. I colleague accidentally transferred from SMSF and corrected the mistake a few seconds later and got smashed during an audit. I don't have too much tax in my fund so it's not a biggy anyway.

 

[ninja-tim]

Please report back, bbqwer. Interested in your findings.
I saw the same on my statement too.

However if you go to the website and look at the T&Cs, it has the same text and does not mention anything about 1 July 2016:
https://www.anz.com.au/content/dam/anzcomau/documents/pdf/rewards-black-terms-and-conditions.pdf

7.
You will not earn Reward Points on interest charges;
premiums paid for ANZ Credit Card Insurance;
government charges; bank fees; payments made
to the Australian Taxation Office; card account
adjustments resulting from disputed transactions
or otherwise; balance transfers; cash advances (as
defined in the ANZ Credit Cards Conditions of Use)

I, too, am also interested.

I had thought ANZ ceased giving points for ATO spend from Feb this year? or was it a reduction in points earnt?

 

[cove]

I handed in my registered company auditor registration quite a few years ago as well as my tax agents licence when I changed careers. I don't really miss them. Paying chunks of ATO over the past 7 years has been interesting and I have been so impressed by the first post in this thread by js.
The changes of payments from $10,000 to $50,000 to $20 million have been helpful in reducing the number of entries per entity but I haven't tried to get card limits beyond $100,000.

 

[Kangol]

I, too, am also interested.

I had thought ANZ ceased giving points for ATO spend from Feb this year? or was it a reduction in points earnt?

The stopping of the ATO points earlier in the year was for the Qantas Frequent Flyer cards, but I guess some of us thought that also applied to the ANZ Rewards cards (different card type).
Apparently it's not the case - bbqwer hopefully can confirm soon.

 

[cove]

On another forum It was reported that Bankwest was changing its Qantas points earn on 20th June to 0.66 for World and 0.5 for Platinum but I haven't seen the statement to give more information nor would I call them.

 

[get me outta here]

I have been dreading this. And they think we will pay $220 pa for that? I will wait too for official confirmation. I only pay a few other peoples tax to get 20K points pa, I guess that won't be worth it, even on the World card.

If this is the case, I shall be paying quite a few bills before the devaluation.

On another forum It was reported that Bankwest was changing its Qantas points earn on 20th June to 0.66 for World and 0.5 for Platinum but I haven't seen the statement to give more information nor would I call them.

 

[cove]

The news on taxes is grim this morning with increases being proposed by some on super funds and continuing the levy on high income earners. The top personal rate is currently 49% all up and the top super fund rate is 30%.

 

[baggas]

So it looks offical that the BW World card is dropping to 0.66 points as of June 20. Very annoying. I would have thought a drop to 0.75 would have been more in order.

From what I've seen though, there is no mention of excluding ATO from eligible purchases at this stage. Whether it's still worthwhile doing it at that points rate is another question though, which each person will have to make up their own mind.

Can we prepay to the ATO without an outstanding BAS payment due? ie. can I pay part of my next quarter BAS before June 20 even though it won't be submitted until July?

 

[cove]

Yes you can baggas. Getting a refund from an overpayment is trickier as it draws attention to you.
Getting points at one per dollar to QF meant 36000 points for 151.20 to go PER- SYD one way in business class plus a QF fuel fee.
The change will still work out ok.

 

[baggas]

Yep I wouldn't be looking for a refund anyway. Just prepay as much as I can on the BW card mid June (maybe 30,000), and then pay whatever the balance of the BAS is in late July.

I think for me, 0.66 points is still worthwhile for tax, but I'll be shifting the rest of my spending away from the BW World card back to one that still pays 1:1

 

[Origin]

Only problem is most of the 1 for 1 cards usually have a small monthly cap.

 

[baggas]

I have a card with 1:1 up to 10,000 per month then 0.625 uncapped, through BOQ specialist bank. But I think it's only available to certain professions.

 

[albyd]

Interesting. Thought BOQ Specialist card was the re-badged Investec Citi Signature card which was a no go for ATO.

 

[baggas]

Yes it was the old Investec card. I never planned to use it for ATO, but will prioritise it now for all other spending, up to $10k monthly

 

[madrooster]

The stopping of the ATO points earlier in the year was for the Qantas Frequent Flyer cards, but I guess some of us thought that also applied to the ANZ Rewards cards (different card type).
Apparently it's not the case - bbqwer hopefully can confirm soon.

In this document https://www.anz.com.au/content/dam/anzcomau/documents/pdf/rewards-black-terms-and-conditions.pdf page 20 it says:

You will not earn Reward Points on interest charges;premiums paid for ANZ Credit Card Insurance;government charges; bank fees; payments madeto the Australian Taxation Office; card accountadjustments resulting from disputed transactionsor otherwise; balance transfers; cash advances (asdefined in the ANZ Credit Cards Conditions of Use).

Unless someone wishes to test ANZ's systems...

 

[cove]

From a strategy point of view we have built up a warehouse of points in Black Altitude so that if the end comes we will have a further 3 to 4 years or more of travel possibilities on SQ and VA and potentially others. The current earn rate on this card is pretty ordinary so I rarely use it and pay the annual fee.
So we have had just over 7 years on this thread and still there are credit cards that work for us. Having something run for a decade....well that is living the dream.....