Best Way to Spend 7K on Credit Card for Salary Packaging

Lfreakingtaco on 21/04/2020 - 18:46
Last edited 04/05/2020 - 15:51 by 1 other user

Hi All
So my partner has around 7K left from last financial year to claim from her salary packaging on credit card purchases. She can't claim other expenses as she indicated last year that that's what she would package (credit card bill).

We dont really need anything atm so is buying multiple preloaded Visa/Master cards the best option for us?

It looks like the maximum we can buy per card is $500 so we'd have to buy over 10, is this potentially an issue? Like what's the typical expiry date for these cards?

Any suggestions are much appreciated.

Financial Credit Card

Comments

  • currentfad on 21/04/2020 - 18:58
    +2

    Just get woolies eGC @ 5% off. They don't expire.

    If you really need the cash you can offload in Classifieds for like 6-7%.

    • freakingtaco on 21/04/2020 - 19:23

      I had quick look but we dont really shop at the stores that we can use the cards for…
      Thanks though!

  • [Deactivated] on 21/04/2020 - 19:03

    Bitcoin.

  • AirbusA389 on 21/04/2020 - 19:05
    +5

    salary packaging - wouldn't it fall under Fringe Benefits Tax (1 apr to 31 mar)?

    if yes, i'm afraid the window for salary packaging for the previous FBT year (1 Apr 2019 to 31 Mar 2020) has closed. The Financial Year 2019/20 uses the FBT year 2019/20 (1 Apr 2019 to 31 Mar 2020) for calculations. Painfully confusing, isn't it? GRRRR

    The new FBT year just started on 1 Apr 2020 to 31 March 2021. Your partner can claim most living expenses - car rego, insurance, grocery purchases, rent, etc. Pretty sure anyone would be able to spend $350 per fortnight on rent and food alone to meet the $9010..

    that's my 2-cent rant. =)

    • freakingtaco on 21/04/2020 - 19:22

      Yeah i thought it's closed too but apparently they are still allowing her to claim, but I will ask her to double check before buying 7K worth of gift cards…

      For the new FBT year I have made sure that she claims the rent so it's all good (I asked her to last year too but she refused to listen….). She actually has 15900 to claim as it's a non-profit organisation.

    • DaDollarz on 21/04/2020 - 19:22

      I was thinking the same as you and if this is the case then they can spend the $7k however they like.

      The implication now is that for this FBT year the amount the can get packaged will be recalculated to a lower amount given that they did not expense all of it the previous year.

    • AirbusA389 on 21/04/2020 - 19:29

      i'm using Maxxia, which deducts a fixed amount ($350 per fortnight) from my salary and deposits into my salary packaging account. That salary packaging account can have a positive balance if i have excess funds.

      i current have over $5000 of outstanding claims accumulated from past 2 years. I get my salary (post-tax) from my employer on tuesdays, and my $350 on fridays from Maxxia.

      most important question: does your partner have positive balance in her salary packaging account?

  • Baysew on 21/04/2020 - 19:18
    +3

    Virgin flights.

    • Donaldhump on 21/04/2020 - 19:33
      +2

      Virgin gift cards for Xmas gift

  • Muzeeb on 21/04/2020 - 19:22

    Hedge fuel

  • kahn on 21/04/2020 - 19:30
    +1

    Bikies gift card.

  • pingualien on 21/04/2020 - 21:07

    buy velocity points in the classifieds

  • resubaehtgnolhcs on 21/04/2020 - 21:10

    barrels of crude ..they're almost giving them away for free!

  • onetwothreefour on 21/04/2020 - 21:47

    Eneloops

  • [Deactivated] on 21/04/2020 - 22:02
    +2

    I'm surprised people can salary sacrifice credit cards. What is the public policy justification of this scheme?

    To answer the OP's question, can you not do a cash advance? I'd pay a couple percent to avoid having to store bulk gift cards. And if you invest it you may make that percentage back.

  • Icecold5000 on 21/04/2020 - 22:05

    MREs

  • NotaSpender on 22/04/2020 - 07:06

    F

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