Credit Card to Run Home Renovations through for Collecting Points

LOzb101 on 17/01/2023 - 09:04

I'm looking to complete some home renos this year. It will be a significant cost so I would like to take advantage of credit card points for travel.

I will be clearing the balance so there will be no interest charges and obviously will make sure they accept credit card without passing on the surcharges.

Qantas used to be who I wanted to travel with but they have really dropped the ball across the board. I'm now thinking Etihad, Singapore, Emirates or is there someone else that offers good service.

What cards would you recommend?

Financial Credit Card

Comments

  • John Kimble on 17/01/2023 - 09:29
    +1

    will make sure they accept credit card without passing on the surcharges

    How? Bikies?

  • boomramada on 17/01/2023 - 09:42

    https://www.accc.gov.au/consumers/pricing/card-surcharges

    Business allowed to pass the surcharge, most cases they already included in pricing.

  • CyberMurning on 17/01/2023 - 11:22

    we thought the same, using new CC but then lots of house renovators say if we pay cash they wont charge gst (ie equal to 10% discount/off).
    that is huge when the total bill is like $10k.

    my question: how come they still can exists in 2023, i mean, no one ever reported them to ATO? or this is 100% legal ?

    • meowsers on 17/01/2023 - 11:27
      +1

      TBH not your problem it's theirs. Take your discount and then report them if you want. GST liability is their issue.

      (yes in a way it's all of our issue, but you can either pay 10k and they will probably not pay the GST on it or you can pay 9k and they definitely wont)

      • Pete10001 on 17/01/2023 - 12:07
        +2

        Could be hard to report if they ask for cash and don't supply an invoice. They don't charge GST but save much more than 10% by not paying income tax on their earnings.

        • oO0Dam0Oo on 17/01/2023 - 13:09

          This! Should be more than 10% discount for "cash".

          Also what about builders insurance/warranty if no invoices proving they completed the works.

        • meowsers on 17/01/2023 - 13:10

          ATO data matches bank accounts and they will eventually get found out. Especially if they are reported. You don't need an invoice to report them.

          • localhost on 17/01/2023 - 13:24
            +1

            @meowsers: And you think they will deposit those money into bank accounts?
            Shopping, booze, etc… all the way.

            Their official income will be … less than $30k per year.

            • Donaldhump on 17/01/2023 - 14:45

              @localhost: that 30k a year is all good until you need a loan, or you f*** your back and your insurance literally covers you for 30k only

              i think some tradies get 100k in bank, and 100k in cash, and must stash it somewhere

              ATO detectives may also spy on tradies just like restaurants to estimate earnings. my friends dads restaurant got a tax bill in the canary islands when it was blatantly obvious he under reported the takings

              • localhost on 17/01/2023 - 17:13

                @Donaldhump: You don't need to stash cash - just use all for everyday shopping like food, petrol, gifts, restaurants, etc.
                We spent about 50% of our income for those things.

                Tradies have a lot of other income (contracts without cash payments) and they can 'save' $100k in the bank to apply for loan. I am not an accountant but if you check their tax statements it will be like: $100k income, $80k savings per year. Try to beat that income to savings ratio…

            • meowsers on 17/01/2023 - 15:00

              @localhost: ATO also data matches car registrations, insurance etc — the list is actually scary long these days.

              Most tradies will have a legit business and then just minimise the earnings.

              https://www.ato.gov.au/Media-centre/Media-releases/Tipped-of…

              I'm not saying it's impossible but eventually they will get busted.

              Each tip is useful for the ATO and they add them to their little black book lol.

              • CyberMurning on 17/01/2023 - 15:53
                +1

                @meowsers: if ato is serious they can put big publication new newspaper tv radio etc, give big big big fine and reward for reporting. make it even possible prosecution.
                im sure we have zero case the following day. this is like not a secret anymore, im sure everyone in ATO knows

          • CyberMurning on 17/01/2023 - 14:31

            @meowsers: they asked for cash. like hard cash. crazy right.. atm limit is just $1k a day we need to use like 10 different cards, maybe get 3 family members..

    • Adz81 on 17/01/2023 - 12:43

      Because, thankfully, the world isn't full of mugs, yet.

      Discount for cash is brilliant, it generates spending for all involved.

      I say to old mate, "Hey, any chance you're free for a little job… shouldn't take too long."
      "No worries, I'll come take a look."

      Dude spends an hour on my roof with his offsider and reckons $50 cash would do the job. I doubled that and still think I got off cheap…

      But that $100 is likely going straight back into the community… A small cafe, the pub, the local independent hardware store… The same thing happens on larger scales all the time… Why the sweet (profanity) would people want that reported?

      • cheekymonkey97 on 17/01/2023 - 13:35
        +3

        Because if I can't tax dodge my office job earnings, then tradies shouldn't be allowed to either.

        • DoctorCalculon on 17/01/2023 - 21:00

          Some of these tax dodging tradies have side gigs, and do you think they report those income?

      • CyberMurning on 17/01/2023 - 14:32

        then what if everyone doing this, we wont have infrastructures and country will collapses

      • Donaldhump on 17/01/2023 - 14:38
        +1

        its not brilliant it robs people who do pay taxes, but i'm also hypocritical as ive paid cash for cheap before

        if discount is just gst I say no
        if its more like 30% and not electrical, structural, plumbing I am in

        office worker gets 100k a year pays ~25k tax net 75k
        tradie worker gets 100k a year, 30k in pocket (pokies, food, booz, durries, drugs), pays ~15k on other 70k but then gets instant car write off as well. net 85k

      • Donaldhump on 17/01/2023 - 14:42
        +1

        then your roof leaks cause he is a gronk and cracked some tiles, your insurance is void due to non compliant works, and your roofer was never there when you complain

    • Donaldhump on 17/01/2023 - 14:33

      not illegal to pay cash (afaik) for something, only illegal if they don't report it, and how would a buyer know they haven't even though its obvious.

      I'd rather pay properly for renovations so if anything goes wrong and have receipt / warranty / they have insurance, unless its gronk work.

      • localhost on 17/01/2023 - 21:04

        When we bought our unit few years back we asked for few recommendations for builders. Few people came in and we asked for a contract as it's more than $5k job.
        First one when heard word 'contract' ran away immediately :)

        Total renovation was about $40-50k and everything paid via bank to the builder.

  • Drakesy on 17/01/2023 - 11:48

    Credit Cards to Run Home Renovations through for Collecting Points

    Churn and Burn

    Ozbargain>Deals>Financial

  • ihbh on 17/01/2023 - 12:08

    If you can get it through Bunnings as the best price (similar item), then

    1. If possible, PowerPass
    2. Bunnings gift cards
  • Choc0 on 17/01/2023 - 13:18
    +3

    Look up the Payall feature on Citibank cards. Payment into a BSB Acc no will earn you points

  • alz on 17/01/2023 - 13:26

    Doing reno's pay cash you'll save $$$

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