AUSTRALIAN BANKERS' ASSOCIATION WELCOMES REMOVAL OF NT ELECTRONIC DEBITS DUTY

Sydney, 19 April, 2005: The Australian Bankers’ Association (ABA) welcomes the Northern Territory Government’s decision to remove the Electronic Debits Duty from 1 July this year.

Electronic Debits Duty (EDD) is a stamp duty levied by the NT government of 10 cents, payable for each withdrawal made electronically from a NT-based bank account.

This tax will be abolished at the same time as Bank Account Debits (BAD) tax which is levied on all withdrawals from accounts with a cheque facility.

David Bell, Chief Executive of the ABA, said: “The abolition of these two taxes will save NT bank customers, both individuals and businesses, millions of dollars a year.”

“These taxes have been an unfair impost on small business operators and a burden on those who can least afford it such as pensioners.”

Electronic Debits Duty was only levied in NT, other States and Territories did not impose this tax. All States and Territories have now committed to abolish BAD from 1 July this year.


For further information:

Heather Wellard
Director, ABA Public Relations
Phone: 02 8298 0411
Mobile: 0409 830 439
 

ENDS