The changes to the Wine Equalisation Tax (WET) rebate eligibility criteria and cap reduction started applying from 1 July 2018. The ATO has indicated that will not apply penalties or interest for errors until after 31 December 2018, unless there is deliberate or reckless ignorance of the new requirements. Taxpayers in the wine industry who are unsure of the tax consequences brought by the WET changes should seek legal advice as soon as possible.
Previous discussions on WET changes in this forum are found below:
Sladen Snippet - Changes To The Wine Equalisation Tax (WET) Rebate Eligibility Criteria And Cap Reduction
Sladen Snippet - New WET Rebate Eligibility Criteria And Cap Reduction Receives Assent
Sladen Snippet - Registered Trade Marks Required For WET Rebate
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