Questions about cancelling a QFF award booking

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I needed to leave on a particular date on a SYD - LAX flight and the only thing available was on Cathay. Spent 278,000 points on a 2 x J class bookings, which unfortunately are via HKG, for a total of nearly 35 hrs travelling + $377.14 (AUD) in taxes.

Sounds like you have a really long connection in HKG. There might be better options available - CX are pretty good at releasing last minute J awards (about a week out) so you might be able to change to a much shorter travel time close to the date.
 
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2) Am I correct in assuming that there will be a 5,000 point penalty per ticket (IE 10,000 in total) for cancelling the Cathay points?, Yes 5,000 per pax

3) How long does it take to receive the cancelled flight refund of points? I just cancelled a QF booking and points were back in account the same day

4) What happens with the $377.14 in taxes if the Cathay flight is cancelled? I assume it is refunded, but exactly how? To my credit card? Do I need to organise this with Qantas or does it happen automatically? And what happens if I have cancelled the credit card I used to pay the taxes by the time the refund is due? Taxes go back on your card, automatically, within a few days. If you cancelled the card then QF need proof of cancellation of said card and then will refund to a bank account. Did this.
 
2) Am I correct in assuming that there will be a 5,000 point penalty per ticket (IE 10,000 in total) for cancelling the Cathay points?, Yes 5,000 per pax

3) How long does it take to receive the cancelled flight refund of points? I just cancelled a QF booking and points were back in account the same day

4) What happens with the $377.14 in taxes if the Cathay flight is cancelled? I assume it is refunded, but exactly how? To my credit card? Do I need to organise this with Qantas or does it happen automatically? And what happens if I have cancelled the credit card I used to pay the taxes by the time the refund is due? Taxes go back on your card, automatically, within a few days. If you cancelled the card then QF need proof of cancellation of said card and then will refund to a bank account. Did this.

ditto for all of these - did it last week
 
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