11 November, 2019
1 July 2018 is just about here, and with that date comes a raft of changes to WET Rebate eligibility.
Winemakers’ Federation of Australia (WFA) implores all Australian winemakers to ensure you understand AND comply with the new eligibility rules for the WET Rebate. Key changes in the new WET measures include:
- The test for whether producers are associated, for the purposes of the rebate cap, is applied at any time during the financial year, and not at the end of the financial year. This applied from 1 October 2017.
- The rebate cap for each financial year will be reduced from $500,000 to $350,000 from 1 July 2018.
- Tightened eligibility criteria will apply to 2018 and later vintage wine (where more than 50% of the grapes used to make the wine, are crushed from 1 January 2018) sold or dealt with from 1 January 2018, and for all other wines, sold or dealt with from 1 July 2018.
There are reduced circumstances where you can claim a WET credit for:
- 2018 and later vintage wine sold or dealt with from 1 January 2018
- all other wines sold or dealt with from 1 July 2018.
There are changes to the information you must include when buying wine under quote for:
- 2018 and later vintage wine sold or dealt with from 1 January 2018
- all other wines sold or dealt with from 1 July 2018.
From 1 July 2018 the WET Rebate will reduce from $500k to $350k. If you exceed $350k, make sure your house is in order to be eligible to claim the Wine Tourism & Cellar Door Grant.
