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Changes to Wine Equalisation Tax (WET)

August 2, 2018 By Mitchell McGreen

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.

See https://www.ato.gov.au/Business/Wine-equalisation-tax/When-you-have-to-pay-WET/Exemptions/Buying-under-quote/

 

If you have any questions regarding these changes or how it could effect you, please do not hesitate to contact us!

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Filed Under: 2018/2019 FY, Newsletter

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