The new rules for gift cards – what you need to know
In Australia, around 34 million gift cards are sold each year with an estimated value of $2.5 billion. On average, an estimated $70 million is lost because of expiry dates.
Until recently, there was no national regulation for the minimum length of time a gift card should last. In late 2017, New South Wales introduced laws* requiring a minimum three year expiry period for gift cards sold in that state and South Australia was in the process of enacting laws, but no uniform standard applied across Australia.
What business needs to do
From 1 November 2019, businesses should ensure:
All gift cards have a minimum three year expiry period.
Ensure disclosure requirements are met.
Post-supply fees are not charged.