Document ID: chunk:federal_register_of_legislation:F2022C00002:body:0:p10
Version: federal_register_of_legislation:F2022C00002
Segment Type: other
Provision Reference: 
Character Range: 22789–25520

parties for purposes that include that purpose and that purpose was a substantial purpose; and

       (b) conduct including the payment or receipt of a fee or the giving of a benefit or other valuable consideration shall be deemed to have been made for a particular purpose if the person undertaking the conduct, payment or receipt did so for purposes that include that purpose and that purpose was a substantial purpose.

    2.5 Each participant in a Scheme must do all things necessary on its part to ensure compliance with this Standard.

    2.6 If any part of this Standard is invalid, this Standard is ineffective only to the extent of such part without invalidating the remaining parts of this Standard.

    2.7 This Standard is to be interpreted:

       (a) in accordance with its objective; and

       (b) by looking beyond form to substance.

    2.8 For the purposes of this Standard, an Interchange Fee paid from an Acquirer to an Issuer is to be expressed as a positive number and an Interchange Fee paid from an Issuer to an Acquirer is to be expressed as a negative number.

    2.9 On the Commencement Date this Standard replaces each of the following Standards:

       (a) The Setting of Interchange Fees in the Visa Debit Payment System; and

       (b) Interchange Fees in the EFTPOS System.

    Neither the registration nor the terms of this Standard affect those standards before the Commencement Date.

    3. Anti-Avoidance

    A participant in a Scheme must not, either alone or together with one or more other persons, enter into, begin to carry out or carry out a plan or arrangement or otherwise be knowingly involved in a plan or arrangement if it would be concluded that the person did so for a purpose of avoiding the application of this Standard, and the plan or arrangement or part of the plan or arrangement has achieved or would but for this provision have achieved or could reasonably be considered to have achieved that purpose.

    4. Interchange Fees

       4.1 (a) An Interchange Fee (exclusive of goods and services tax) in relation to a Card Transaction must:

          (i) where the Interchange Fee is a fixed amount per transaction, not exceed 10.0 cents; or

          (ii) where the Interchange Fee is calculated by reference to the value or amount of the transaction, not exceed 0.200 per cent of that amount or value.

       (b) If an Interchange Fee applies in relation to a category of Card Transactions (whether that category is determined by reference to the nature of the holder, or type of the Card of the Scheme, the identity or nature of the Merchant, the means of effecting the transaction, the security or authentication that applies or any other matter, or is