Do many people want to know what exactly Wine Equalisation Tax is? The following guide will help you find what it is.
If you make wine, import wine into Australia, or sell it wholesale, you’ll generally have to account for wine equalization tax (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.
Report and pay GST installments
If you report and pay GST using option 3: Pay the GST installment amount and report annually, don’t complete the WET section of your BAS. Your WET will be included in your GST installment amount.
However, you’ll still need to report WET payable (1C) and WET refundable (1D) when lodging your Annual GST Return. This is due at the same time as your income tax return.
Report and pay GST annually
If you report and pay GST annually you are not required to report WET on a monthly or quarterly BAS, however, you must report WET on your Annual GST Return.