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Octopus (Transfer In) to O!ePay to Overpay HK Taxes -> Get an IRD Refund Check & Credit Card Cash Back

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  1. #11

    Join Date
    Feb 2012
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    411
    Original Post Deleted
    I think this is worthy of a new thread, so and I put all the relevant links to FAQs and such at https://geoexpat.com/forum/175/thread357610.html

  2. #12

    Join Date
    Feb 2012
    Posts
    411
    Quote Originally Posted by freeier:
    do they actually pay you back or they just leave it there and treat it like your next year payment ? then you are going to lose liquidity of 50k unless you ask for it back ?
    The exact timeline for refunding your overpayment is unclear on the IRD's site. I've gotten checks from the IRD before when I paid more in provisional tax than I actually owed when I filed for that relevant tax year, and as I recall they mailed those to me in early August after I filed my taxes in May or so, so my guess is that it'll only take the IRD a month or two or less to send you a refund check.

  3. #13

    Join Date
    Feb 2012
    Posts
    411
    Quote Originally Posted by freeier:
    For the tax payments.. there are ample credit cards that offer those slightly juicy deal over the tax period, and you can split the bill up across cards/months to maximize the rebates. Ended up i slightly more than 1k this year using two cards spread across several months.. could have gotten more but it means i need to apply for another card or two.. that's too tiresome..
    If you have multiple bank accounts and/or credit cards with the relevant institutions you can try your best, but for me I'm trying to make the best use of what I already have and as a U.S. citizen it's annoying to open new bank accounts, and getting new credit cards in HK is a relatively painful compared to the less than one-minute approval I get from U.S. credit cards.

    Quote Originally Posted by freeier:
    so if your process is not something they planned, and you really need to push hard to get the reward.. maybe there are easier way to do it.. do you get full 2% of the 50k ? is that where it is capped at ?
    The reason I can get the full 2% of 50k is because I would do it indirectly using AAVS linked Octopus cards balances transferred into my O!ePay balance and then the O!ePay balance out to the IRD within the Octopus app. The cap is currently related to the credit limit of the PrimeCredit EarnMore card and the monthly transfer in limit from octopus cards into your O!ePay balance. The part of the cap I don't know is the limit on how much the IRD is willing to refund me for overpayment. Maybe they don't care and refunds are mainly processed semi-automatically. I don't know and that's one reason I'm on here plus for fun and sharing purposes.

  4. #14

    Join Date
    Feb 2012
    Posts
    411

    To follow up with this thread, I finally overpaid a bit on my 18/19 + 19/20 Provisional taxes using O!ePay. When I login to eTax->Tax Position->Payment it shows the amount overpaid and then 18/19->View it says "Refund of tax overpaid will be issued to you within 18 working days after the date of payment."

    I haven't seen that 18 working days timeline elsewhere, so I'm sharing it here.

    pin likes this.