ATO (tax office) payments by credit card

[cove]

Have had to transfer a quantity of points in Westpac Black Altitude to Velocity and Kris Flyer to avoid a devaluation in September. I am thinking those 2 cards are almost history. It may be scissor time soon but not just yet.The warehoused points avoided expiry for about 4 years so that was a winner.
I am warming to run some ATO thru our Citi US master cards as our credit limits have been increased and our exchange rate is favourable.
I have really enjoyed not having to pay any ATO this month.
We have moved to transition to retirement in our super funds to cut those quarterly tax bills.

 

[Kangol]

I had this offer during Mothers day about 3 months ago, bought 170 cards $100 each. Received flybuys dollar + 3MR / $1 ( best deal of century ).

and I received similar offer this fathers day, as of now I have bought 80 cards ( all paid by amex platinum edge ). My target is 200 cards by next sunday.

50% I use pay ATO, the rest for sydney water, council, body corporate, etc.

For now I had about 350k flybuy dollar, which I will convert to Etihad points. I expect another 200k flybuy in 5 weeks time

it is pain in the cough paying $100 at a time for ATO, but I was doing $1000 per day, so no pressure.

Is the reloadable MC not an option?

 

[albyd]

Unfortunately only the single load card is part of this offer.
We're welcome to buy the reloadable but apart from initial $100 load from Visa/MC when you buy it online there isn't an in store reload option - only direct debit from non credit account.

 

[alexy23]

Paid $95k this week ended up using my US card much easier & faster.

How do you avoid the 2-3% currency conversion and the buy/sell spread surely this would outweigh points?

 

[Radio8tiv]

Have had to transfer a quantity of points in Westpac Black Altitude to Velocity and Kris Flyer to avoid a devaluation in September. I am thinking those 2 cards are almost history, <snip>.

only the KrisFlyer, Asiamiles, and Air New Zealand Airpoints are being devalued the Velocity rates remain the same not ideal, but if/when there is a 15% bonus transfer offer it would be better to transfer to velocity, then to KrisFlyer as you'd end up with a few more points then transferring to KrisFlyer directly

 

[cove]

I am thinking that WBC card is pretty much history so I did the whole lot.
Usually the US credit cards for AA miles work out really well as far as exchange rates go. Our US Citi Executive cards give excellent no special fees exchange rates. I use Bell FX for funds transfers to our US Bank account. US Bank charges $30 to receive the funds transfer.
Have picked up plenty of 15% Velocity bonus points but not this time as I just use them when Qantas has nothing suitable.
We have never had so many points nor miles in our various accounts following the clearing out of that Westpac Black Altitude points warehouse.We really need to fly a bit more.

 

[albyd]

How do you avoid the 2-3% currency conversion and the buy/sell spread surely this would outweigh points?

My Citi US card has no currency conversion fee & a pretty fair FX rate. Only variable is buying USD here to fund it. Would love to use interactive brokers at 1 pop spread but ASIC conveniently banned them from offering FX to Aussies.
Spread then depends on what you negotiate with your chosen provider (as long as it's not a big 4 bank then it's not economic).

 

[cove]

I use HiFX market watch as a great guide then book using Bell FX as they do my transfers at no charge.

 

[unfunkable]

Amex doesn't work I've tried it already.
Just bought a 10 dollar card, will see if points post. Hopefully the deal is still active...I Guess spending $5 per $1000 to get mastercard points spend on a diamond/altitude card isn't tooooo bad?

27/08/16 COLES FINANCIAL SERVIC HAWTORN EAST AUS 10.00 1.25 12.50

So it works!
I't's like using your WBC mastercard to get ATO
But is it worth it?
42 cents 'buys' 62.5 velocity points?
or 0.672cents per velocity point? is this a good price?

 

[Kangol]

Unfortunately only the single load card is part of this offer.
We're welcome to buy the reloadable but apart from initial $100 load from Visa/MC when you buy it online there isn't an in store reload option - only direct debit from non credit account.

Ah, thanks. There goes that option!

 

[alexy23]

If I'm not mistaken there are two transfers

USD to AUD for ATO purchase (US bank rate)
AUD to USD to fund credit card (FX)

In any given moment there would be a definite spread between the first and second. The only way you could counter it is if you made payment to ATO, then watched the FX to USD as it went up right? Unless I am missing something here.

 

[andye]

27/08/16 COLES FINANCIAL SERVIC HAWTORN EAST AUS 10.00 1.25 12.50

So it works!
I't's like using your WBC mastercard to get ATO
But is it worth it?
42 cents 'buys' 62.5 velocity points?
or 0.672cents per velocity point? is this a good price?

Most would consider it good. Pretty hard to lose out under 1c

 

[alexy23]

Most would consider it good. Pretty hard to lose out under 1c

It's not a bad rate. Just need to factor in time and hassle, if you have a good process it'd work well. Cut each card when you're done so you don't mix them up, that'd be a night mare to have to check the balances on every card!

 

[unfunkable]

It was a bit of a process to activate the card via email. Maybe 2-3 minutes per $1000 'card'
It's an "online" card, you get via email.

 

[cove]

Alexy23 I have mostly ended up with the AA miles costing about zero all up but if there is a Brexit or Grexit market move it can be an idea to lock up the pricing rather than leave the buying of the $US for a month. What that means is the 0.42% fee can end up at close to zero. I love the gushing messages I receive from the US credit card company as they increase our credit limits.

 

[alexy23]

Alexy23 I have mostly ended up with the AA miles costing about zero all up but if there is a Brexit or Grexit market move it can be an idea to lock up the pricing rather than leave the buying of the $US for a month. What that means is the 0.42% fee can end up at close to zero. I love the gushing messages I receive from the US credit card company as they increase our credit limits.

May I ask which card you're using? Feel free to PM if you don't want to publicise

 

[bbqwer]

27/08/16 COLES FINANCIAL SERVIC HAWTORN EAST AUS 10.00 1.25 12.50

So it works!
I't's like using your WBC mastercard to get ATO
But is it worth it?
42 cents 'buys' 62.5 velocity points?
or 0.672cents per velocity point? is this a good price?

Yes this is worth it. Why velocity ?

with st george card visa amplify this earn 0.75 points /dollar KF.
With anz card black visa this earns 0.67 points / dollar KF.

There was a report STG cancelling card if pay too much ato bills, i reckon buying above gift card should be safer.

 

[infinity]

Have had to transfer a quantity of points in Westpac Black Altitude to Velocity and Kris Flyer to avoid a devaluation in September. I am thinking those 2 cards are almost history. It may be scissor time soon but not just yet.The warehoused points avoided expiry for about 4 years so that was a winner.
I am warming to run some ATO thru our Citi US master cards as our credit limits have been increased and our exchange rate is favourable.
I have really enjoyed not having to pay any ATO this month.
We have moved to transition to retirement in our super funds to cut those quarterly tax bills.

Cove some of us are not that old that we can use TR just yet

 

[infinity]

I am thinking that WBC card is pretty much history so I did the whole lot.
Usually the US credit cards for AA miles work out really well as far as exchange rates go. Our US Citi Executive cards give excellent no special fees exchange rates. I use Bell FX for funds transfers to our US Bank account. US Bank charges $30 to receive the funds transfer.
Have picked up plenty of 15% Velocity bonus points but not this time as I just use them when Qantas has nothing suitable.
We have never had so many points nor miles in our various accounts following the clearing out of that Westpac Black Altitude points warehouse.We really need to fly a bit more.

Will be clearing out my WBC Altitude as well.

Have plenty in Velocity so will do 50% to SG and 50% to CX like you

 

[cove]

US Citi cc is World Elite MasterCard.