IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 01 Jul 2018 | Removal date: open ended
Still in force

Tax or social insurance relief

On August 17, 2017, a joint statement from the Australian Minister for Revenue and Financial Services, Deputy Prime Minister and Minister for Agriculture and Water Resources, and the Assistant Minister for Agriculture and Water Resources announced the adoption of the Treasury Laws Amendment (2017 Measures No. 4) Bill 2017. The amendment reduces the Wine Equalisation Tax (WET) rebate. The amendment was passed on August 23, 2017.

The new legislation reduces the maximum amount that can be claimed per firm as a tax rebate from AUD 500,000 (circa USD 396,000) to AUD 350,000 (USD 277,000). 

In addition, it changes the eligibility criteria depending on when the winemaking process started and when the wine was sold or dealt with differentiating between 2017 or earlier vintage wine and 2018 and later vintage wine.

The rebate reduction enters into force on July 1, 2018.

Wine Equalisation Tax rebate
The WET is a 29% tax on the wholesale value of wine applied to wine producers, importers and wholesale sellers. In this context, the Australian Government allows local wine producers to apply to a reimbursement of the WET amount they have paid on a dealing with wine. Foreign producers cannot apply for this reimbursement.

AFFECTED COUNTRIES

MAP
TABLE
EXPORT

AFFECTED SECTORS AND PRODUCTS

242 Wines
2204 Wine of fresh grapes, including fortified wines; grape must other than that of heading 20.09.
220410 Sparkling wine
220421 In containers holding 2 l or less
220429 Other

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