WET- Wine Equalisation Tax explained
Wine Equalisation Tax is a tax on the last wholesale sale (i.e. a sale to a reseller) of wine in Australia. (Wine includes grape wine, grape wine products, other fruit or vegetable wines, cider, Perry, mead, and sake.
Wine equalisation tax is imposed at the rate of 29% on the wholesale selling price of wine (excluding GST). If not sold by wholesale, alternative values are used to calculate wine equalisation tax.
Worksheets are provided on pages 78 to 86 of the Business Activity Statement Instructions.
Wine Equalisation Tax Payable is reported at box 1C and Wine Equalisation Tax Refundable is reported at box 1D on the Business Activity Statement. Please note that this has nothing to do with the GST Calculation Sheet section.
Wine Equalisation Tax and Cashflow Manager
Establish a GST column in your receipts section called ‘WET Payable’. Record the Wine Equalisation Tax portion of any transaction in this column.
You will still need to do some manual calculations; the program will not be able to automatically give you the figures for WET. This is so you can keep your bookkeeping accurate.
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