ATO (tax office) payments by credit card

[amaroo]

So I will be unable to report on the Austbank card. I was declined after a backround check that would do ASIO credit. As I have a large amount of Investment properties and keep a few CC accounts open as well as a lot of business lending going on I normally "shave" a few items off when going though Liabilities this is because my taxable income on paper does not support and most lenders can't get their heads around Family Trusts and Corporate Beneficiaries. Anyway this has never once been an issue before. Well Austbank found out about every single loan/credit card/company equipment finance/company overdraft... EVERYTHING I don't know if this is part of the new credit reporting or if they actually called every company that had done an inquiry on my Veda file.

This is just one example of where a Chartered Accountant that enjoys "pillow talk" comes in handy :mrgreen:

 

[coriander]

Anyone used the Jetstar Mastercard recently? Is it still paying 1:1? (Apologies if this is mentioned in an earlier post)

Yes, as long as you stay under $100k cap. Just paid my humble BAS yesterday so will see QF points flow with next statement. Once I hit $100k, Mrs C's and then son #1's Jetstar cards will be used.

 

[alexy23]

Yes, as long as you stay under $100k cap. Just paid my humble BAS yesterday so will see QF points flow with next statement. Once I hit $100k, Mrs C's and then son #1's Jetstar cards will be used.

Which card is this for? Jetstar Platinum MasterCard? Would need to factor in the $149 annual fee to that point valuation (given you can earn a max 100k points).

 

[mbeder]

Which card is this for? Jetstar Platinum MasterCard? Would need to factor in the $149 annual fee to that point valuation (given you can earn a max 100k points).

It's the $149 per annum JPMC that I picked up in May for $69 per annum in the first year plus 40,000 points (a promo at the time). Even at $149/annum though, getting 100,000 points 1:1 seems like a pretty sweet deal.

 

[alexy23]

It's the $149 per annum JPMC that I picked up in May for $69 per annum in the first year plus 40,000 points (a promo at the time). Even at $149/annum though, getting 100,000 points 1:1 seems like a pretty sweet deal.

Yeah I'm tempted but given the 100k point cap I guess I can wait till June next year when personal tax is due. My credit profile has taken quite a beating as I just can't keep off those signup bonii! I'm assuming the 100k point cap is per year (given when you joined)?

Also it'll be interesting to see what happens when the interchange fee comes in to effect in Oct this year and the impact it'll have on this card.

 

[mbeder]

Yeah I'm tempted but given the 100k point cap I guess I can wait till June next year when personal tax is due. My credit profile has taken quite a beating as I just can't keep off those signup bonii! I'm assuming the 100k point cap is per year (given when you joined)?

Qudos to you for using the word 'bonii' in an online forum BTW! I'm unsure whether the cap is per calendar year or from date of first joining, I'll have to look into it when I get close to the limit. Thanks for the heads up.

 

[Mattyana2003]

So I will be unable to report on the Austbank card. I was declined after a backround check that would do ASIO credit. As I have a large amount of Investment properties and keep a few CC accounts open as well as a lot of business lending going on I normally "shave" a few items off when going though Liabilities this is because my taxable income on paper does not support and most lenders can't get their heads around Family Trusts and Corporate Beneficiaries. Anyway this has never once been an issue before. Well Austbank found out about every single loan/credit card/company equipment finance/company overdraft... EVERYTHING I don't know if this is part of the new credit reporting or if they actually called every company that had done an inquiry on my Veda file.

Similar situation to this and my outcome has been the same, refused. They even pulled up a business name I registered 27 years ago but never used (from Veda?)! It felt like an inquisition! OR maybe it was the ATO that went through on my Qudos in the last three months of CC statements they requested.

 

[Eggsbenedict]

Similar situation to this and my outcome has been the same, refused. They even pulled up a business name I registered 27 years ago but never used (from Veda?)! It felt like an inquisition! OR maybe it was the ATO that went through on my Qudos in the last three months of CC statements they requested.

Apart from everything else they said "you also failed to disclose a Business bank account with 69 signatories" what? What does a transaction account have to do with anything? Failed to disclose? Show we where on your application it's asks if I have transaction accounts, what does the amount of signatories have to do with anything? And lastly how the hell do you know that?

sounds like others have had the same. Unless your a vanilla wage earner I don't think they are for you.

 

[cove]

I had the BW World CC referral form in my hot little hand and then I started thinking.....what if they review Mrscove's account...so I didn't phone the manager who could give it the nod. She already knows that we are Westpac middle markets customers.....
Then one of my partners sent me the latest info from his Qudos application that was in progress....no business expenses for QF points and they wanted a copy of our business financials.....so he withdrew his application.

 

[Mattyana2003]

Apart from everything else they said "you also failed to disclose a Business bank account with 69 signatories" what? What does a transaction account have to do with anything? Failed to disclose? Show we where on your application it's asks if I have transaction accounts, what does the amount of signatories have to do with anything? And lastly how the hell do you know that?



sounds like others have had the same. Unless your a vanilla wage earner I don't think they are for you.

I agree. The never once asked me about the ATO on Qudos it was more like asking why I didn't declare the $1000 overdraft on one of my transaction accounts! Despite being provided with volumes of financials they couldn't understand why I couldn't remember the name of a business I registered when I was a teenager. I guess having multiple credit cards didn't help things either, but it's never been a problem before. Veda?

 

[cove]

As we get ready for our holidays I have our partners primed to pay our share of the ATO BAS and PAYG. I am actually thinking it is time to have a break. I have all the CCs at zero which is quite refreshing (apart from a couple of work ones that are on auto pay).
May try to get our sons each a US credit card for ATO but that may be difficult without a Social Security Number. I do enjoy the gushing messages from our US credit card companies.

 

[vicsta]

Did anyone else get a letter from Qudos Bank suspending QFF points for using it "for business purposes"??

 

[grounded]

Well that's not good.

 

[Doctore1003]

Wow, how much ATO were you putting on there??

 

[vicsta]

Wow, how much ATO were you putting on there??

About 30K. Nowhere near as much as quite a few people on AFF

 

[Doctore1003]

That sucks. Would've been nicer of them if they just sent you a warning and let you continue using the card (not for any more business expenses of course). Maybe worth pursuing this option?

 

[get me outta here]

Business people may have to revert to BankWest World card.

 

[alexy23]

I referred to my previous post with Westpac AMEX. But as it turns out i used my Westpac Visa.

It only earns 0.5 Westpac Points not 1.5.

I basically just paid $151.86 for 18,078.50 Westpac Points (9039.25 Qantas). Holy s**t that was the worst point earn ever.

Worked out to be ~1.6c per point (pre tax). ~1.1c per point (after tax).

In summary then, AMEX is a better point earner but Visa has a better point earn.

 

[BillytheFIsh]

Just realised the Westpac Alt Business Platinum math in previous post was wrong.

It only earns 0.5 Westpac Points not 1.5?

I basically just paid $151.86 for 18,078.50 Westpac Points (9039.25 Qantas). Holy s**t that was the worst point earn ever.

Worked out to be ~1.6c per point.

Well, not the worst ever - at least it's something. I can live with 1.6c per point if its tax deductible, but BW is still delivering at <1c per point touch wood.

 

[grounded]

Business people may have to revert to BankWest World card.

Is BWW still invite only?