My partner is a contractor to a medical practice and pays his tax himself.
The annual tax bills are up too $800k so I want to make sure we have the best out there.
Suggestions for best credit card out there that will give us the best points for Qantas ff with no monthly caps.
Westpac just blocked points from ATO payments last month so we are shopping for something to use just for tax while still keeping out Earth Black card for everyday.
Any suggestions?
no ..to use to redeem business class international fares on SIA.
The return gets to round 6% if game enough to use
Malaysia Air
I wished I had a sugar daddy like that.
You got to be careful. My old man is an orthopaedic surgeon. Top of his game in a regional hospital. Makes heaps of dough. Long story short married his secretary. Ditched the old family for a new one. Married a woman 35 younger than him. for love of course. The things money can buy….
Max of 50k per payment
and
0.42% for VISA and MasterCard payments and
1.45% for American Express payments.
So OP would have to do it 16 times
Comments are for reading, not just writing.
The info on your post has already been provided with link.
Does ATO have cashrewards? haha
What kind of contractor is your partner that yields this kind of income? I want in.
As OP has indicated in earlier comments, a specialist surgeon.
Well, if you start studying when you are 20, work 80 hours a week keep studying till you are 40 and pass all your exams and don't die of exhaustion in the meantime, it may be possible. Then, pay off the debt.
I know of a I.T contractor which was earning around $4000 per day.
He knew so much that nobody else knew about. So much that without him, the organisation wouldn't be able to function the next day. He could go up to the CEO and swear at him and they won't fire him lol.
Vet's get paid a heap too. lol. Especially the specialist vets, they get to charge as much as they want as that industry isn't really that heavily regulated. And people pay a lot to save their pets. Its almost unethical the prices they charge.
Yup, However without those taxes you won't have one of the better government funded medical systems in the world.
You have something to back "one of the better government funded medical systems in the world"?
I highly doubt that's the case… And not much of the tax money would go on the medical system anyway.
You have something to back "one of the better government funded medical systems in the world"?
bubble…
I don't know anything about your original question. but Good luck to you and your partner as you are trying to pay the Tax office (not to evade the tax). Though it's like a winning a lottery every year, your partner has definitely earned his current wage through years of hard work.
does anyone know if you can use a bankwest qantas debit card and get points? do you choose bpay or mastercard option?
See my post and link 8/10/2014
HI OP,
Keen to find out what cards did you end up using to pay the ATO?
From what i check, i can still use the Westpac Altitude Black AMEX to pay which costs 1.45% for the payment will earn 1.5 altitude points (2:1 to frequent flyer). whilst it is a lot more expensive now compared to the past, but i thought it would still work out alright. keen to know your research's result
I'd like to know too what the outcome is. What was the winning card and why ?
A quick review of the two AFF threads (don't ask me why there are two) says that ANZ Black QFF (or Rewards if you want non-Qantas) or HSBC QF Platinum (but 300k points/year cap) are the best. As jasontpc mentions, Westpac Altitude only gets 1.5 Altitude points or 0.75 Qantas points on the AMEX, and nothing at all on the Visa.
Thanks.
Due to credit card fees from the ATO
0.42% for VISA and MasterCard payments and
1.45% for American Express payments.
Is this even worth it using your card for the points??
@drb:
Is this even worth it using your card for the points??
For some, yes. I have an ANZ Rewards Black and my credit card earning rates (if you factor in the points value on cashback and home loan interest saved) are:
1.58% for VISA/MasterCard payments; and
2.10% for AMEX payments
These are averaged out over a month so it works out a little bit better than that if you can schedule your payments at the start of each billing cycle.
@drb: Under some circumstances you are allowed to deduct the surcharge from your tax. Read the full rules but the easiest one for businesses is paying their GST liability. The other interesting one I didn't know about is paying income tax so long as you pre-load your account into credit so "you did not borrow money from your card provider to make the payment."
@TRS-80: thanks, my plan is to use visa due to lower points cost and then claim the card fee on tax and the get another card for balance transfer.
@drb:
@TRS-80 pretty much sums it up and lots more useful info can be found in the AFF threads.
Is it worth it? depending how you plan to use it. Best value of using the points is for the flight tickets or upgrade. Do the math and you will understand why
@jasontpc: The article has been updated a few weeks ago and now there is a blanket rule for personal tax on CC: "A credit card payment fee or charge card payment fee will not be deductible if:
the fee is incurred by you as a result of paying your personal income tax liability using that credit card or charge card and you are a salary and wage earner or an individual partner in a partnership, or"
@TRS-80: so this means for tax 15-16 it won't apply? As I made the transaction in 14-15/tax year when the old info was still online. I hope that's the case.
well, set it up as a company then. it gives you better protection in terms of the liability too. You would be paying company tax and GST too, won't you?
I used the nab platinum card and still got points. Only made some test transactions.
To spend on an over priced rewards site? Or more back?