myIR, payments and more
Cheque duty was a charge on every cheque printed. The rate of cheque duty was five cents per cheque. With the advent of MICR (magnetisable ink character recognition) on cheques, and the use of computers by banks, the bulk of cheque printing is done by relatively few printers who had been licensed to pay cheque duty monthly.
From 1 July 2014 cheque duty will no longer be payable.