As of 1st July 2018 there have been a number of changes to the Wine Equalisation Tax (WET)
See below:
Producer Rebate:
- the rebate cap for each financial year will be decreased from $500,000 to $350,000
- Stricter eligibility criteria will apply to 2018 and later vintage wine (if more than 50% of the grapes used to make the wine are crushed from 1 January 2018) sold or dealt with from 1 January 2018, and for all other wines sold or dealt with from 1 July 2018.
See https://www.ato.gov.au/business/wine-equalisation-tax/producer-rebate/
There are reduced circumstances where you can claim a WET Credit for:
- 2018 and later vintage wine sold or dealt with from 1 January 2018
- all other wines sold or dealt with from 1 July 2018.
See https://www.ato.gov.au/business/wine-equalisation-tax/wet-credits/
There are changes to the information you need to include when purchasing wine under quote for:
- 2018 and later vintage wine sold or dealt with from 1 January 2018
- all other wines sold or dealt with from 1 July 2018.
If you have any questions regarding these changes or how it could effect you, please do not hesitate to contact us!