Westpac Singapore KrisFlyer Credit Card

[Kevin Chan]

I am still thinking about paying a bit more to the fiscal fiend using our two CCs that finish in about 3 days.

I have to pay tax to ATO every quarter. It's business as well so it is tax deductible. But I have never pay ahead. Is the PRN/ETF number the same every time? How much do you know to pay?

 

[cove]

If you pay ahead use the previous quarter as your guide. If you put it on an incorrect account you can get it switched. One person I know paid a family members account twice because he could not remember which one of two accounts he had paid.

 

[Pointy Bird]

Yes - accidental overpayments are common - or so I have heard. My biggest accident using this card to ATO was 250k.
From now on, it's Rewardspay for me. Even though cost is higher (2.65% tax deductible ) the total points earned are huge - 2 points per $ for me as longs I am exploratory...

 

[Kevin Chan]

Yes - accidental overpayments are common - or so I have heard. My biggest accident using this card to ATO was 250k.
From now on, it's Rewardspay for me. Even though cost is higher (2.65% tax deductible ) the total points earned are huge - 2 points per $ for me as longs I am exploratory...

250k accident?

The 2.65% fee seems a bit expensive. Not really worth the points isn't it?

 

[sjk]

The 2.65% fee seems a bit expensive. Not really worth the points isn't it?

Ignoring tax deductions, I make it $2,782.50 to get enough for a return first-class trip to Japan on SQ (with reasonable ++ on top of that, maybe $400 or so). Doesn't seem too shabby to me.

Please let us know what you consider to be better value, I'm sure we're all ears.

 

[Pointy Bird]

250k accident?

The 2.65% fee seems a bit expensive. Not really worth the points isn't it?

Here is a copy of my post from the ATO thread which summarises why I think this is the best way to pay ATO.

With the forthcoming demise of my favourite ATO credit card (Krisflyer Amex), I have been looking at various other options. Rewardpay which initially I thought was too expensive, is actually an attractive option.
Here are my calculations for how much it would cost in fees to fly Melbourne to Europe in Singapore Airline Suites (my preferred option).

Points needed for return flight Melbourne to Paris 1st Class Singapore Airways Suite Saver 296,000. Plus Tax required $260.79.

For 296,000 KF points, one needs 296,000 Ascent rewards points from Amex (1:1 conversion).

To earn 296,000 Ascent points, one needs to spend $148,000 on Amex Explorer. This assumes the Explorer card has been linked to the Ascent program.

To pay ATO, Explorer cannot be used directly, hence one option is to use Rewardpay. This costs 2.4% + GST = 2.64%

For a tax bill of $148,000, the Rewardpay fee would be $3907.20. But this is tax deductible (depending on personal circumstances). Hence actual cost of rewardpay if on top tax bracket is 53% of $3907.20 = $2070.82.


If we add the tax required for the flight of $260.79, that gives a total cost of $2331.61. For those who have substantial tax to pay, that seems to be an inexpensive way to fly to Europe return on suites.

 

[Arowana]

Latest statement from westpac still mentions the American express card.. You can also earn 1.25 KrisFlyer miles per dollar spent on eligible purchases on your Singapore Airlines Westpac Platinum American Express Card.

I wonder if they will take the note off?

 

[SQ1]

Latest statement from westpac still mentions the American express card.. You can also earn 1.25 KrisFlyer miles per dollar spent on eligible purchases on your Singapore Airlines Westpac Platinum American Express Card.

I wonder if they will take the note off?

I think the banks will be somehow occupied at the moment!! May have other priorities.......?

 

[burmans]

Well I finally closed this card, it made me quite sad as this has undoubtedly been one of my favourites over the years.

 

[cove]

I moved to St George plus I have 2 US cards to run up Kris Miles.

 

[bigray73]

I moved to St George plus I have 2 US cards to run up Kris Miles.

I've closed this card and Citibank Prestige and have made friends with the Dragon and Amex Explorer

 

[Kevin Chan]

Well I finally closed this card, it made me quite sad as this has undoubtedly been one of my favourites over the years.

Me too. I cancelled the card on Tuesday. I visited the branch and called them as well. They just wouldn't waive the annual fee which was scheduled to come off on 9th June. Try to sign me up for another card (obviously) but I said no thank I will look around first. A good card but nothing last forever.

Now on the Amex Explorer and just a Bankwest Zero Mastercard (with no points).

 

[WA flyer]

Now on the Amex Explorer and just a Bankwest Zero Mastercard (with no points).

Nothing for Visa/MC earn?

 

[Kevin Chan]

Nothing for Visa/MC earn?

No not at the moment. I am looking around. But don't know if the amount I spend on V or MC is really worth paying the annual fee.

 

[Dr Ev]

I cancelled this week.
$250 annual fee for borderline worth it ATO (Dragon Visa better)
Only reason I hesitated was the 1.5 miles per $ overseas Visa spend. But not worth $250 a year for me.

Hope Dragon stays ATO friendly, or I am toast!

 

[Kevin Chan]

I cancelled this week.
$250 annual fee for borderline worth it ATO (Dragon Visa better)
Only reason I hesitated was the 1.5 miles per $ overseas Visa spend. But not worth $250 a year for me.

Hope Dragon stays ATO friendly, or I am toast!

What is this Dragon Visa if I may ask?

 

[burmans]

What is this Dragon Visa if I may ask?

Think of Bank names that may have an association, people are being oblique for a reason.

 

[Kevin Chan]

Yeah I had a look at that bank's website. Fee's bit hefty.

 

[wxxnxs]

What is this Dragon Visa if I may ask?

St George Visa

 

[Pointy Bird]

St George Visa

was the term oblique too oblique ?