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Bill Provides Gift Card Certainty
The Fair Trading (Gift Card Expiry) Amendment bill provides retailers with 18 months to put in place new systems to comply with new legislation providing a minimum three-year expiry date on all gift cards. It is expected that the new three-year term will be in place by March 2026. The changes provide clarity for retailers on their obligations when issuing a gift card.
“The 18-month transition will enable businesses to put in place processes and systems to ensure accurate recording of gift cards can be put in place. Additionally, the financial treatment of gift cards is critical to ensure that obligations and appropriate tax treatment is consistent over the term of the unredeemed cards” says Carolyn Young, Chief Executive at Retail NZ.
The bill excludes any cards or credit issued through loyalty programs and credit in exchange for returned purchases.
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