Get set for WET: let us help your wine business unravel wine equalisation tax
Our integrated, cloud-based Wine solution can save you time, give you a better understanding of your numbers and maximise your WET rebate.
If you make wine, import it into Australia, or sell it wholesale, you’ll typically have to account for wine equalisation tax or WET. WET is a tax of 29% of the wholesale value of wine. It is only payable if you are registered or required to be registered for GST.
WET can be a complex and confusing tax for wine producers, importers, and consumers. There are many rules and exemptions that apply to different types of wine and transactions.
For example, some wine products are eligible for a WET rebate, which reduces the amount of WET payable by the producer. However, the rebate is subject to conditions and limitations, such as the annual producer rebate cap and the associated producer rules.
Additionally, some wine transactions are exempt from WET, such as exports, sales to tourists, and sales to diplomats. However, these exemptions may require specific documentation and reporting to the Australian Taxation Office (ATO).
If you are not familiar with the WET rules and obligations, you may end up paying more WET than you need to, or miss out on the WET rebate or exemptions that you are entitled to. You may also face penalties and interest charges from the ATO if you make errors or omissions in your WET reporting or payments.
Our specialist Wine accounting team can guide you on your WET obligations, including:
- WET registration and compliance: We can help you register for WET, prepare and lodge your BAS, and keep track of your WET payments and credits.
- WET rebate and exemption advice: We can help you determine if you are eligible for the WET rebate or any WET exemptions, and how to claim them correctly and efficiently.
- WET audit and dispute resolution: We can help you deal with any WET audits or disputes that you may face from the ATO.
- WET planning and optimisation: We can help you plan and optimise your WET strategy and advise you on the best ways to minimise your WET liability and maximise your WET benefits.
Our Wine accountants have extensive experience and knowledge in the wine industry and the WET regime. They can help you navigate the WET landscape and achieve the best possible outcomes.
If you want to know more about our WET support, please get in touch with Adam Wright or Lachlan McEwin on: P:1300 764 200 or
E: Wine@HoodSweeney.com.au.