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The Australian government has delayed a planned ban on credit card tax payments until June to allow for a funding deal with the tax office. The move follows criticism regarding the handling of the transition and aims to support small businesses.
Why it matters
Policy shifts regarding financial transactions impact small business operations and consumer payment habits.
Australia’s assistant treasurer Daniel Mulino has sought to cast his government’s decision to subsidise the ATO to postpone a planned ban on tax payments by credit card as a good thing, as Labor continues to face criticism for its handling of the issue.
The tax office’s ban – a response to the Reserve Bank of Australia banning credit card surcharge fees from October 1 this year – will now come into effect in June instead of next month, after the government negotiated a funding deal with the independent agency to delay the change.
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