ANNOUNCED AS TEMPORARYNo
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.
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