ATO (tax office) payments by credit card

[cove]

I haven't analyzed Citi by time of day but you get plenty of time to cover the foreign exchange so you get a chance to come out in front (or behind) in the free credit month. The risk is the $AUD can move lower by a few cents.

 

[cove]

3 months of every credit card statement was what chopped down a tree for the Qudos application. All showed zero balances at the end of each month.

 

[aspro2]

Yes, I agree with Baggas. That was probably your last go. I cancelled my card.

I just went back through my statements and yes, in the February statement it had a notification I had overlooked... pity they couldn't be bothered repeating it in the March and April statements! And yes, again, I think this one is headed for the bin. Damn!

 

[kevrosmith]

I'm happy to report that Westpac Earth Black Amex is paying 0.75 pts per dollar on ATO payments as per its revised policy from a couple of months ago. Probably not very good value, but it's all I have at the moment, so glad to take something rather than nothing until I work out what to do next.

 

[quokka77]

Cove, you mentioned some time ago in this thread, there are some big 4 bank securities which can be bought and sold fairly easily, which pay competitive returns, and which you use as an alternative to holding a bank balance in cash (not shares). Can you remind me what the name of this product was? Thanks in advance (apologies for the off topic)..

 

[Caesia]

I am still hurting from paying the quarterly tax bill for our SMSF by EFT as we are each maxed out on the three year $540,000 limit. I did think should I use my son's credit card but his are close to being dead for ATO until he gets a new CC. The super rules are in no mans land due to an election having been called.

When's the retirement planned for Cove? Are you going to stop the flights and go for a camper van?

 

[cove]

With CBAPC you get about $1.10 four times a year off a security that sells for just over $100. That has 30% tax already paid and the next distribution is in June which is not too long to wait. Talk to your financial adviser and do not put more than 10% of your net worth into any one investment ever is what could be considered wise. If you use a Commsec account you can buy a product like this for as little as 0.1% so you can buy or sell most trading days of the year. It is riskier than a term deposit.
If you are expecting Commonwealth Bank to go bust you should not consider an investment in any CBA product but remember putting money under the mattress can be risky too.
The camper van would be great but I never learned to back a trailer and Mrscove has zero interest in camping as she thinks it is all doogie (snake) country. She is a princess who has adjusted well to six star accommodation. I have adjusted to this style after so many years together.
We have a share of a 100 acre farmlet on the Blackwood River about 3 hours out of Perth that is quite beautiful with white water and views. Many of our friends camp there but in winter in Bridgetown it is cold as London in February so we would stay in a warm motel overnight.
Back on tax and ATO I did pay $70,000 for 70,000 QF points yesterday at the 0.42% fee rate on two CCs.
This year is a 4 international trip year so retirement is still not too imminent.
This is not financial advice. Do talk to a financial adviser for advice to suit your personal circumstances.

 

[Eggsbenedict]

I can confirm that the St George Amplify Signature pays for ATO; I did a "test" (had no other cards that pay and was happy to pay 0.42% even if there was no points) of two payments totaling about $10,000 and all points posted. Earn rate is 0.75 per $1 with a Birthday bonus bringing that up to 0.825 if my maths are right here thats about 50 cents a point.

Here are the T&C's
5 While Amplify Points are earned when you purchase goods and services, please notethat Amplify Points are not earned in respect of the following amounts that may becharged to your Card Account:• government charges (other than GST payable in connection with the purchase ofgoods or services on which you earn Amplify Points)• interest and other bank fees and charges (including any GST payable on any of these)• cash advances (any transaction treated by us as a cash advance as furtherexplained in the “Interpretation” section – clause 19 below)• balance transfers• BPAY payments, i.e. bill payments and other payments made through the BPAYElectronic Payments Scheme.

Its got the obligatory "government charges" but nothing specific about ATO.

Personally I have never had much time for QF Points however with a healthy balance of VA and KF points and no other way to earn on ATO ATM I'll be using this card. I may look at getting the non Qantas linked card down the track or even seeing if it's a simple change on the existing card (It has no QF branding so it might be a simple back end change) like I said happy to earn some QF points for now. For those interested the non Qantas linked card transfers to SQ and VA at 2 to 1 giving it the same earn rate as the Qantas card.

 

[albyd]

Having said that, last night I did my ATO run with Citi US CC, I'm usually within points of spot on the "pending" amount, my effective rate was $A1=$0.7211 with Spot at $A1=$US0.7162 at the time. Seems to depend on the time of day you transact. Not going to be the end of the world (I hedge straight away when AUD is falling to minimise risk, but not the cheapest points I've bought - esp when AUD was rising recently and I took a punt on waiting for it to increase further before hedging).

For those that are interested, my "Pending" ATO charges have now posted on my Citi US CC account - my implied exchange rate has come in closer to spot $A1=$US0.7145 - I'm pretty happy with that 17 point spread is pretty close to spot.

 

[cove]

Eggsbenedict can you look and see if those points earned off the St George Amplify card halve on transfer to Qantas. I don't think Westpac would be so generous......

 

[cove]

Often you can fund Citi US CC and end up close to zero net cost for those AA miles. Just don't stay open for too long and end up a number of cents out the wrong way.

 

[Scr77]

Eggsbenedict can you look and see if those points earned off the St George Amplify card halve on transfer to Qantas. I don't think Westpac would be so generous......

I cancelled that card about 6mnts ago. It is a direct earn that auto transfers monthly to QFF. It paid at 0.75 + 10% back then too.

 

[cove]

Thanks for that Scr77... I didn't expect such a Westpac division CC to exist. St George was consumed by Westpac some years ago and they kept the old name running.

 

[Eggsbenedict]

Eggsbenedict can you look and see if those points earned off the St George Amplify card halve on transfer to Qantas. I don't think Westpac would be so generous......

Hi Cove, Qantas Point earn is definitely 0.75 per $.

Here is info from my last statement
Spend $29,621.38
Points EarnedAustralian Merchants 22,216
Total points for transfer to Qantas 22,216

And then from my QFF Account
[TABLE="class: basic, width: 760"]
[TR="class: underline1"]
[TD]17 MAY 16[/TD]
[TD]AMPLIFY VISA 17MAY16[/TD]
[TD="class: noFigures"]-[/TD]
[TD="class: figures"]22,216[/TD]
[/TR]
[/TABLE]

 

[cove]

I think if I had some computer skills you would love an entry on Mrscove's Qantas points tally this month. She has streaked ahead of me....I have been left in the dust.....
Note to self....be kind to Mrscove and use her account for east coast redemptions.....

 

[sumthinfornuthin]

I am reasonably sure the Jetstar platinum is still working @ 1:1 but limited to 100,000 QFFP pa

 

[Foreigner]

I am reasonably sure the Jetstar platinum is still working @ 1:1 but limited to 100,000 QFFP pa

That's correct. Wishing that CAP would be raised.

 

[sumthinfornuthin]

That's correct. Wishing that CAP would be raised.

Guess beggars can't b e choosers. i am thinking of getting mrs S one as well which will raise the bar to 200,000 pa

 

[marki]

Never do that again until QF bonus transfer 20% exists, 20% of your points basically evaporate if you don't

Hi Cove, Qantas Point earn is definitely 0.75 per $.

Here is info from my last statement
Spend $29,621.38
Points EarnedAustralian Merchants 22,216
Total points for transfer to Qantas 22,216

And then from my QFF Account
[TABLE="class: basic, width: 760"]
[TR="class: underline1"]
[TD]17 MAY 16[/TD]
[TD]AMPLIFY VISA 17MAY16[/TD]
[TD="class: noFigures"]-[/TD]
[TD="class: figures"]22,216[/TD]
[/TR]
[/TABLE]

 

[Eggsbenedict]

Unfortunately it's a auto transfer card