GOOD NEWS FOR BANK CUSTOMERS AS STATES AND TERRITORIES ABOLISH BAD TAX

Sydney, 29 March, 2004: The Australian Bankers’ Association (ABA) welcomed the move by all States and Territories Treasurers to abolish Bank Account Debits (BAD) Tax by 1 July, 2005.

David Bell, Chief Executive of the Australian Bankers’ Association, said he was pleased to see the end of BAD tax because this reform will mean cheaper banking for individual and business customers.

Bank account debits tax is levied on the value of withdrawals from accounts with a cheque drawing facility.

David Bell said: “New South Wales had already removed the tax and Queensland had committed to do so, I am pleased that the other States and Territories have followed suit in abolishing this regressive tax.”

“Most of the States and Territories already have sufficient funds from the New Tax Reforms which enables them to remove this BAD tax. For these States and Territories the funds from the GST have reached the level where they can afford to remove this tax.”

For further information:

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

ENDS