ATO (tax office) payments by credit card

[cove]

I would prefer that the ATO pay me the interest rather than the other way around.

 

[burmans]

On the bright side you do get to claw almost half of that late payment interest back because the General Interest Charge is tax deductible.

Don't know how many of you have worked this out but ATO don't charge GIC if under a threshold, ~ $100 per month. The Business Portal does also show a GIC calc (so you can work out if you are likely to be charged). So you can run slightly behind on payments and not get charged if payments (in) are an issue.

 

[Stephen65]

Plus if you have a good compliance history the ATO tend to automatically waive small amounts of GIC from late payments.

 

[flyer999]

Re: Amex: Turn your recurring bills into ongoing rewards..1K bonus points per partner

As a business owner I pay my GST/PAYE with Amex. It is worth the 1.25% if you have the money set aside (earning interest) and time the payment to get maximum time to pay.

 

[sumthinfornuthin]

Re: Amex: Turn your recurring bills into ongoing rewards..1K bonus points per partner

Hi Flyer999, why use your AMEX when you an get a WOOLWORTHS KREDIT KARD with no kapping on points and only pay .48%

 

[cove]

Re: Amex: Turn your recurring bills into ongoing rewards..1K bonus points per partner

Yes flyer999 you get smaller numbers of points on the Visa and MasterCard but they are now way cheaper as a cost percentage per point than Amex. That said,if you are scrambling for every last point then the Amex gets you the most points per dollar spent.

 

[sumthinfornuthin]

Just a thought with the ATO payments....has anyone akkidently OVERPAID their tax to get the points and then later on getting a kheque bak by ringing them for a refund.

Points for only the transaktion fee ??

If you have not guessed, I kan spell but the kritial key stopped working yesterday

 

[cove]

If you could KO the PM we kould have less taxes rather than more but we kouldnt fly as often nor as far!

 

[cove]

I received hundreds of thousands in refunds that were not mine while I was overseas.
The cheques were mailed back to the ATO so I don't really know the answer to your question.
You do have to value the time the money is not earning interest.

 

[burmans]

Just a thought with the ATO payments....has anyone akkidently OVERPAID their tax to get the points and then later on getting a kheque bak by ringing them for a refund.

Points for only the transaktion fee ??

If you have not guessed, I kan spell but the kritial key stopped working yesterday

Have just done the first of these and will try the second in a few days, suspect the answer is yes.

 

[sumthinfornuthin]

Be interested to hear how you go

 

[albatross710]

Just a thought with the ATO payments....has anyone akkidently OVERPAID their tax to get the points and then later on getting a kheque bak by ringing them for a refund.

Points for only the transaktion fee ??

If you have not guessed, I kan spell but the kritial key stopped working yesterday

At sometime in the past I have considered this but just doesn't seem natural.

 

[cove]

This month for us is very large for all types of taxes.
It is a matter of picking which credit cards produce the best results for your circumstances.
I have swung a heap over to Visa from Amex.

 

[MarkD]

They wouldnt refund. It would sit as a credit on your account. What's ours is ours, and what's yours will be ours as well so we will just keep it now anyway

 

[markis10]

They wouldnt refund. It would sit as a credit on your account. What's ours is ours, and what's yours will be ours as well so we will just keep it now anyway

You can request a refund online if your account has a credit balance and you have online access to it, one of the reasons options is that you overpaid, a dd will be done within the week.

 

[Stephen65]

You can always amend the Commissioner's estimate of your quarterly PAYG payments in your BAS. Usually people amend down to reflect the fact that they aren't going to earn as much as the Commissioner estimates but you can also amend up and pay extra tax if you wish. When you put your annual return in for the year and it turns out you have overpaid you will get a refund with (I believe) interest on the overpayment. That interest will be taxable income though.

 

[edman]

That s a bit different to overpaying a particular payment and then getting the refund back a couple of days later, I wouldn't want to overpay a large amount for the points then wait till my ITR is lodged to get the refund

 

[KLN]

in response to the ATO Portal that says you can pay a maximum of $50,000.00.
i have just successfully made 2 X payments splitting the payments up, of the max and the leftover.

and did them within seconds of each other. this was for the 2nd Quarter BAS and Dec PAYG

now for the end of last financial year 2011. i think i'll leave that until next week

i'm tired!
(have been trying to apply online for a visa to India for Mr. KLN, and it's doing my head in. paying the taxes was the easy bit)

K

 

[Stephen65]

It's always been the case that the $50,000 is a per transaction limit and that you can break larger bills down into multiple $50,000 transactions plus leftovers. Effectively you can pay any size tax bill via this portal.

 

[serfty]

It's always been the case that the $50,000 is a per transaction limit and that you can break larger bills down into multiple $50,000 transactions plus leftovers. Effectively you can pay any size tax bill via this portal.

Originally it was $10K, but you could still split larger bills as indicated.