If you own a small business, then you like many are gearing up for the rush of a lifetime. With Australia leading the way in helping to produce more income for small businesses, there is a tax decrease to help get people into small boutiques to help bring more commerce and foot traffic. Due to this business owners are extremely elated at the opportunity for growth and are working harder than ever to work with customers.
- Small businesses are reminded to prepare for a ban on excessive card transaction surcharges, due to come into effect in September this year.
- In this case, small businesses are defined as those businesses with a gross annual revenue of less than $25 million; gross assets of less than $12.5 million, or less than 50 employees.
- The ACCC stated that small businesses will receive information from their banks, in order to help calculate appropriate surcharges when accepting debit and credit cards, and has also published a fact
“Banks are required to send businesses merchant statements which clearly set out the business’ costs of acceptance for each payment method.”