The NSW Government is introducing a mandatory minimum expiry period of 3 years for gift cards and gift vouchers sold to consumers in NSW. These changes also include a ban on businesses applying post-purchase administration fees, effective 31 March 2018.
The new requirements have been made by amendment to the Fair-Trading Act 1987. The changes aim to strike a fairer economic balance for consumers and businesses in the gift card market. The reforms give consumers access to the full value of their gift card over a reasonable period of time, while maintaining a workable business model for traders. The reforms do not apply to gift cards and vouchers purchased before 31 March, 2018. The terms and conditions in place at the date of purchase of those cards will continue to apply.
For more information on how this reform effects your business, transition periods and sales to interstate visitors, head to the NSW Government Fair Trading website >> http://bit.ly/2IDZdQY