ATO (tax office) payments by credit card

[PLANT]

Anyone know how I can get in touch with this guy to help pay his Tax bill on my credit cards?
The private wars of Geoffrey Edelsten

ha ha ha ha ha ha

 

[paultiffen]

Has anyone tried to reduce your tax withheld by your employer so that you can pay more with CC? I'm going to ring my employer's accountant to see if this is possible.

 

[cove]

Hello Paul, employers are not allowed to short tax employees.
Look out for family tax bills to pay instead.

 

[RWJ777]

But even for me, who has been the staunchest AX supporter, a cost of per 97¢ per 100 points is no longer viable when compared to 96¢ per 200 points (48¢ per 100).

i.e. a $1k debt can generate 1500 rewards points via Amex at a cost of $14.50 or 1000 points via Visa/mastercard at a cost of $4.80.

A thought: is the transaction fee expensable for next year? That would reduce the $ to point cost.

 

[paultiffen]

Unfortunately I'm a bit younger so it's just me on my lonesome. I have had to pay more because of the accountant forgetting to take out HECS however I'm guessing they can't just take out 0 tax on the agreement that I'll pay it myself online . I'm looking for a way to move prepaid visa cards to cash and this would have been a good one as the amounts involved are large

 

[cove]

Some fees for some payments are tax deductible and this was discussed in this thread. You can read the Australian Taxation Office view in their website. Serfty was saying Amex is expensive compared with your other choices from the best Visa and MasterCards. It can still work with Amex if you can get bookings that are worth many cents per point.

 

[amaroo]

Some fees for some payments are tax deductible and this was discussed in this thread. You can read the Australian Taxation Office view in their website. Serfty was saying Amex is expensive compared with your other choices from the best Visa and MasterCards. It can still work with Amex if you can get bookings that are worth many cents per point.

QF Classic award J return SYD-HKG/SIN/BKK = 130,000 points + tax & fees

Setting aside the tax & fees.......AMEX cost to accumulate 130,000 points =$1,256.65 or $86,666 worth of tax........Visa/Mcard cost =$624.00 or $130,000 worth of tax.

No brainer.....you just need to have to have sufficient tax to pay!

For people who are paying smaller amounts of tax or trying to secure sufficient points for multiply tickets (with QF) AMEX still provides a quick but more expensive pathway.

Securing 4 J tickets per annum with AMEX is quick $346,664 value of tax as opposed to $520,000 with V/M however, it will cost you $2,530.60 for the pleasure. Don't forget the other $173,336 of tax with AMEX will earn you another 260,004 points or another 2 J tickets.

 

[Duffa]

Securing 4 J tickets per annum with AMEX is quicker $346,664 value of tax as opposed to $520,000 with V/M however, it will cost you $2,530.60 for the pleasure. Don't forget the other $173,336 of tax with AMEX will earn you another 260,004 points or another 2 J tickets.

Totally agree with your logic if you have low tax bills - it's a great way to get points fast.
You just made it a bit too good!! $346,664 will set you back $5026 for the privilege, not $2530.

 

[amaroo]

Totally agree with your logic if you have low tax bills - it's a great way to get points fast.
You just made it a bit too good!! $346,664 will set you back $5026 for the privilege, not $2530.

What I should have said - AMEX will cost you an additional $2,530.60 compared to V/M.....V/M = $624x4=$2,496......AMEX = $1,256.65x4=$5,026.60 Which equals a premium of $2,530.60.....& don't forget the extra two ticket using AMEX.

For multi ticket sourcing members with a low tax pool.....don't wipe AMEX completely.

 

[Duffa]

What I should have said - AMEX will cost you an additional $2,530.60 compared to V/M.....V/M = $624x4=$2,496......AMEX = $1,256.65x4=$5,026.60 Which equals a premium of $2,530.60.....& don't forget the extra two ticket using AMEX.

For multi ticket sourcing members with a low tax pool.....don't wipe AMEX completely.

Understood. You get 6 J returns for that spend.
If you work out the "value" of the flights at full QF retail you are quite right that Amex has the best return.
When you do it as real cost per flight then the Visa wins.
Luckily, I have two friends who kindly let me pay their taxes each quarter.......

 

[amaroo]

Understood. You get 6 J returns for that spend.
If you work out the "value" of the flights at full QF retail you are quite right that Amex has the best return.
When you do it as real cost per flight then the Visa wins.
Luckily, I have two friends who kindly let me pay their taxes each quarter.......

Using AMEX to pay 520,000 worth of tax will you net you sufficient points for 6 J tickets to SIN/BKK/HKG via QFF however, you'll being paying a $632.65 premium over V/M for everyone of them. Therefore, 6 x $632.65 = $3,795.90 extra.

 

[cove]

Sometimes to make the world your oyster it is worth spending a little bit more so the rest of the family can travel with you in appropriate style. A case can be made for Amex if it means getting enough points to do the deal.

 

[burmans]

Unfortunately I'm a bit younger so it's just me on my lonesome. I have had to pay more because of the accountant forgetting to take out HECS however I'm guessing they can't just take out 0 tax on the agreement that I'll pay it myself online . I'm looking for a way to move prepaid visa cards to cash and this would have been a good one as the amounts involved are large

You can enter a payment arrangement with them, tell them you will BPAY it but actually use the CC. The ATO don't care how you pay as long as you do!

 

[johnself]

Can somebody please provide assistance in the best method of paying approximately $50,000 is tax when I have a $13,000 limit on Citibusiness Gold card. Do I have to put the card $50,000 in credit and then do a large BPay via website (is there restrictions on how much one can transact at once?).

 

[Pukka]

Can somebody please provide assistance in the best method of paying approximately $50,000 is tax when I have a $13,000 limit on Citibusiness Gold card. Do I have to put the card $50,000 in credit and then do a large BPay via website (is there restrictions on how much one can transact at once?).

You can pay the ATO $50k in one go but the way I'd do it is pay it in 3 lumps of 20/15/15 over the week before its due & transfer extra funds into the card after each payment to the ATO as in my experience the card is credited the next day.

The only reason I suggest that is I seem to remember something in the T & C's about putting the card more than $10K in credit & running a business through it was a no no.

 

[Origin]

$50K in one transaction is the limit. You can just do another transaction straight after (assuming you had such a limit).
It is not a BPay payment. It is a credit card payment. There is a bit of a difference if you are trying to earn points.

 

[burmans]

The only reason I suggest that is I seem to remember something in the T & C's about putting the card more than $10K in credit & running a business through it was a no no.

Bit hard to claim the latter when their website states

[TD="class: bluebold12"] Smarter business management [/TD]

[TD="class: globe-text12"]With the CitiBusiness Gold Credit Card, you can maximise your reward points by combining your personal spend and business spend. [/TD]

 

[johnself]

I would rather put the card in credit and pay in full but am now nervous about the 10k limit - has anyone been stung by this?

 

[Stephen65]

You can pay the ATO $50k in one go but the way I'd do it is pay it in 3 lumps of 20/15/15 over the week before its due & transfer extra funds into the card after each payment to the ATO as in my experience the card is credited the next day.

The only reason I suggest that is I seem to remember something in the T & C's about putting the card more than $10K in credit & running a business through it was a no no.

I agree with your suggestion on breaking the payment up and recharging but I think the problem is not that you aren't allowed to run a business through a citibusiness gold card but rather that the T&Cs say you will not get points on a transaction if the card is more than $10K in credit.

 

[Pukka]

Bit hard to claim the latter when their website states

[TD="class: bluebold12"] Smarter business management [/TD]

[TD="class: globe-text12"]With the CitiBusiness Gold Credit Card, you can maximise your reward points by combining your personal spend and business spend. [/TD]

Sorry didn't realize it was Citibusiness gold I was thinking of my own card which is the Signature Select. I still think there might be a theoretical problem getting the points if its more than $10k in credit. Might be different for this card though or it might be something they never actually enforce, with the signature select you aren't actually supposed to get any points for ATO payments but you do. Although again I think splitting it makes it less obvious. I might be dreaming though lol