ATO (tax office) payments by credit card

[Uncharted6264]

I have some MC calcs here with referral link.

YakPay Referral Program

Hi Guys, So I've been using YakPay for the last couple of months, ever since EBP increased their surcharge. YakPay charges 1%+GST (1.1% incl GST) for Visa/MC payment for your suppliers so you can earn full FF points. YakPay is part of Payment Logic and your login account can also be used on...

www.australianfrequentflyer.com.au

Or, using sister site Payment Logic which is a bit cheaper for AMEX (My referral code is CD49)
PL with Amex Plat edge
Earn Rate is 1:1 pts
Conversion to Airline Miles is 2:1
PL rate is 1.3%
$50k x 1.3% = $650 fee
Points 1:1 = $50,650 x 1.0 = 50,650 pts
Conversion Airline Miles 2:1 = 25,325 miles
Cost: $650 / 25,325 = 2.56c/mile

Might be old info - PL and Yak are the same fees AFAIK:


We're worlds apart in the dollar per mile calculation department, I'm looking at pre-tax sans-GST rate of 1.55 cents per QFF pt vs your 2.56c - Are we referring to different programs?

 

[andye]

Might be old info - PL and Yak are the same fees AFAIK:
View attachment 333069

We're worlds apart in the dollar per mile calculation department, I'm looking at pre-tax sans-GST rate of 1.55 cents per QFF pt vs your 2.56c - Are we referring to different programs?

I haven't attempted to replicate the maths but prozac is using a Platinum Edge which has a relatively low points yield for an Amex

 

[prozac]

Might be old info - PL and Yak are the same fees AFAIK:
View attachment 333069

We're worlds apart in the dollar per mile calculation department, I'm looking at pre-tax sans-GST rate of 1.55 cents per QFF pt vs your 2.56c - Are we referring to different programs?

The calcs are same format, just substitute your own percentage.
This is a link to Payment Logic which appears to use different rates for amex. Amex is not the sweet spot for me so I have not looked into it as far as PL is concerned.

Personal | Payment Logic

Payment Logic

www.paymentlogic.com.au

 

[Franko Costa]

Such an expensive rate

 

[Jake2103]

Hi guys I'm new to all of this but will have around a $6k tax bill next month and am looking to earn points using my Qantas ultimate Amex Card. What is the best option for me? I've seen sniip and yak mentioned. Are there any other methods I should consider? Cheers

 

[exceladdict]

Hi guys I'm new to all of this but will have around a $6k tax bill next month and am looking to earn points using my Qantas ultimate Amex Card. What is the best option for me? I've seen sniip and yak mentioned. Are there any other methods I should consider? Cheers

I'd be buying discounted prepaid gift cards from a supermarket

 

[Scr77]

I'd be buying discounted prepaid gift cards from a supermarket

….and then use as a debit card on the ATO website?

 

[NoName]

….and then use as a debit card on the ATO website?

Yes. I have recently paid a tax bill in this manner using discounted cards from coles the last time the promo was on offer in Qld.

 

[exceladdict]

And no need to wait until 1 July to get started. I believe the offer starts tomorrow in VIC/NSW/ACT

 

[leyy]

Does anyone have any experience on best way to pay Revenue NSW?

I have a $70k bill to pay for some land tax and stamp duty.

 

[prozac]

Does anyone have any experience on best way to pay Revenue NSW?

I have a $70k bill to pay for some land tax and stamp duty.

It looks like stamp duty can only be paid by EFT or BPay. If you wanted to pay by credit card you could use YakPay with a 0.8% fee for using Mastercard. Visa costs more.

Land Tax can be paid by Mastercard or Visa and incurs a minimal 0.25% fee. There is a 0.5% fee discount for early payment (payment in full before due date). The fee is not subject to GST.

 

[Bell21]

Yes. I have recently paid a tax bill in this manner using discounted cards from coles the last time the promo was on offer in Qld.

I've always paid tax bills using one of the payment platforms, although they've certainly made that harder - I think I've used almost every one of them over the years! I can still justify it for business tax payments via YP, but not for personal tax payments (even on an AMEX plat).

I've never used discounted gift cards before - am I right that this is how it works? You buy a discounted gift card, earn the store reward points, as well your credit card reward points, and end up saving a little $ when paying the fiscal fiend?

Also - I notice, for instance, on the latest 10% off promotion, that Coles restricts the quantity to 5 cards per FB account per day, so if I had a large tax bill, wouldn't that mean purchasing multiple cards across multiple days?

 

[NoName]

I've never used discounted gift cards before - am I right that this is how it works? You buy a discounted gift card, earn the store reward points, as well your credit card reward points, and end up saving a little $ when paying the fiscal fiend?

Also - I notice, for instance, on the latest 10% off promotion, that Coles restricts the quantity to 5 cards per FB account per day, so if I had a large tax bill, wouldn't that mean purchasing multiple cards across multiple days?

Yes. Can make up to 10 payments per day so will be restricted to $2,500 less the 0.2% fee per day (10x$250 cards).

Yes it’s 5 per flybuys account per day. How many flybuys accounts do you have?

 

[andye]

Yes. Can make up to 10 payments per day so will be restricted to $2,500 less the 0.2% fee per day (10x$250 cards).

Yes it’s 5 per flybuys account per day. How many flybuys accounts do you have?

The conditions vary. Sometimes it's per account, sometimes per day.

 

[exceladdict]

Slightly OT for this thread, but I should add a warning that having been comprehensively ozbargained there's always a chance the cards get blocked at specific merchants, and they are also subject to fraud. My advice would be to use them as quickly as possible, test the waters for your use case, and don't over invest without a plan to use them. YMMV of course.

 

[levelnine]

Slightly OT for this thread, but I should add a warning that having been comprehensively ozbargained there's always a chance the cards get blocked at specific merchants, and they are also subject to fraud. My advice would be to use them as quickly as possible, test the waters for your use case, and don't over invest without a plan to use them. YMMV of course.

You also need to liquidate these gift cards as soon as possible due to widespread hacking of them.

Edit: Apologies, saw that was already mentioned in that post ('subject to fraud'). Probably worth repeating in any case.

 

[Franko Costa]

I'd be buying discounted prepaid gift cards from a supermarket

I had no idea people did this. Only issue is that my BAS is 16k so that's a lot of gift cards

 

[NoName]

I had no idea people did this. Only issue is that my BAS is 16k so that's a lot of gift cards

Getting $16k of giftcards each time the promo is run shouldn’t be too hard. For the >$1k you’ll save its well worth the effort.

 

[Bell21]

Yes. Can make up to 10 payments per day so will be restricted to $2,500 less the 0.2% fee per day (10x$250 cards).

Yes it’s 5 per flybuys account per day. How many flybuys accounts do you have?

Just the one I think

 

[Bell21]

Getting $16k of giftcards each time the promo is run shouldn’t be too hard. For the >$1k you’ll save its well worth the effort.

Ymmv - it seems like a fair bit of effort - eg he will need 64 cards purchased over say 6 days if he has 2 fb accounts and then pay off ato v piecemeal style but saves circa 1k and gets 16000 fb points and let's say it was me around 18000 points on my plat card - is that about right? (edit I have his cash saving around 500 after paying ato debit fee)