It is the time of year where you start getting together your documents to complete your annual tax returns.
If you find that you are getting a tax payment rather than a tax refund this isn’t all bad as you have made some profits this year. Before you get on the phone to our office so we can setup some strategies to manage you overall taxation position you should check out the following website link.
Did you know that with the ATO you can make your payments via credit card? This is one of the only time I will indorse the use of credit cards, so just make sure you have the savings to back up the bill payment so you do not end up with with a debt problem as well as a tax bill!
If you have a card that accumulates frequent flyer points then you can pay your tax bill and earn some points along the way (my only rule here is to make sure you have the cash funds to pay this off so you don’t end up with a debt problem though!)
Most standard frequent flyer cards will give you 1 point per dollar spent however there is an American Express with Qantas which offers 1.25 points per dollar spent but it does have a $249 per year annual fee so just make sure you shop around and understand the terms and conditions on the card.
Check out the ATO website which has details on the terms and conditions to making payments via credit card.
This is a secure website via the Reserve Bank of Australia.
So once you have paid your tax bill you should jump online and check out where you can fly with your extra frequent flyer points.
If you need assistance in exploring any of these strategies further talk to a professional but most importantly start your journey to being free around your money and creating wealth with understanding.
Scott Malcolm (scott@money-mechanics.com.au) is Director of Money Mechanics (ph: 1300 772 643) a fee for service advice firm who are authorised to provide financial advice through PATRON Financial Advice AFSL 307379.
The information provided on this article is of a general nature only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information you should consider its appropriateness having regard to your own objectives, financial situation and needs.