Debit taxes are charged on debits to bank accounts. The types of debit taxes and how they apply are different in each state and territory. A key step in the Government's tax system reforms is the abolition of these taxes.
In January 2002, New South Wales was the first state to abolish Debits Tax (charged on debits to accounts with cheque facilities).
From 1 July 2005 the following additional taxes and duties were abolished:
|All debits to accounts with cheque facilities
||Queensland, Victoria, Western Australia, Northern Territory, South Australia, ACT
|All electronic debits
|All debits to credit card accounts
On 1 July ANZ ceased charging the above taxes and duties on debits made from all applicable accounts. Debit taxes or duties may, in some cases, continue to be recovered for debit entries due on or before 30 June 2005.
Please note that Credit Business Duty continues to apply to accounts domiciled in Queensland. This tax, however, is scheduled to be abolished from 1 January 2006.
ANZ recommends that customers seek independent financial and legal advice regarding taxation issues.
For further information about the changes to debits taxes, please contact your branch or relationship manager, or call ANZ on .