From 1st November 2019, businesses need to ensure their gift cards comply with the three year minimum expiry date. This means allowing existing stocks of gift cards to run down until then, and reviewing production of new gift cards to ensure they comply with the new regulations.
Meeting the new disclosure requirements means ensuring the expiry date, supply date, and a statement about the period of validity are prominently displayed on the card.
In addition to these requirements, post-supply fees, such as administration fees for using the card, should not be charged.
Once the new regulations are in effect, gift cards that do not meet the new conditions could incur a penalty of up to $30,000 for a corporate body, or $6,000 for non-corporate entities, in addition to possible infringement notices from the ACCC.
If a business changes hands or becomes insolvent, the gift card must still be honoured.
Source: Your Knowledge November 2018