What is the Wine Equalisation Tax?
The A New Tax System (Wine Equalisation Tax) Act 1999 (WET Act) deals with tax on sales, importations and certain other dealings with wine which take place on or after 1 July 2000. The tax on wine is referred to in this Ruling as the wine tax although it is also known as the wine equalisation tax or WET.
The WET Act provides for a producer rebate in the form of a wine tax credit from 1 October 2004. This Ruling explains how the wine tax producer rebate operates for producers of wine other than New Zealand participants. This Ruling also explains eligibility to claim the rebate, how the rebate is calculated and when and how a claim for the rebate may be made.
Unless otherwise stated, all legislative references in this Ruling are to the WET Act and all references to the WET Regulations are to the A New Tax System (Wine Equalisation Tax) Regulations 2000.
To assist with WET, two worksheets are provided when completing Form GA.