Hi guys. I was about to claim cashback on my credit card via points redemption and part of the small print talks about tax implications. Does the credit amount actually get taxed?
Thanks.
Tax Implications on Credit Card Cashback?
raptormesh on 11/10/2021 - 13:41
Comments
They're surprisingly 20% better than gift cards. The only other option is to convert into velocity which I'm not interested in at the moment.
They used to talk about Fringe Benefits Tax implications of all the QFF points on corporate cards.
If you earnt points on private spend that you paid tax on. Surely the ATO isn't going to say your conducting a business and should disclose it as income for income tax.
Thanks that makes sense. It's private spending anyway.
That's great, thank you for the link.
What about all those Amaysim cashback deals where you got more back than you paid. How about if I find $5 when walking around the shopping centre.
I don't know the answer to your question, but wouldn't a cashback redemption give you pretty shitty value for points?