Deposit tax

I had an enquiry about whether our system can handle the proposed bank deposit tax which appears to be certain to come soon. Since details at present are vague as to what it will be, it is hard to answer this question. It will depend on what the government defines as a deposit and then whether the banks will pass this tax (levy) on as a fee and/or as a lower interest rate. Now if the banks do pass all or part of this on as a customer fee, it remains to be seen which accounts will be affected.

I can say this our software can handle fee surcharges, so we could simply add a 0.05% fee to all transactions. Note this would be true even of cash transactions as that money has to get into a bank account to pay suppliers.

Now let me get rid of some paranoia about EFTpos. An EFTpos transaction is simply an instruction to transfer monies from your customer to your bank account. As your EFTpos provider does not hold your cash, so EFTpos transactions are not going to get a double hit.