NZ Releases Guidance On Claiming WET Rebate
by Mary Swire, Tax-News.com, Hong Kong
04 December 2017
New Zealand's tax agency, the Inland Revenue Department, recently released guidance on how to claim the wine equalization tax rebate for winemakers.
The WET is a value-based tax paid on certain dealings with wine sold in Australia. These dealings are:
- wholesale sales where WET is paid on the selling price of the wine at the last wholesale sale (excluding WET and goods and services tax)
- untaxed wine sold by retail where WET is charged on a notional wholesale selling price.
The rate of the WET is 29 percent of the wholesale value, and the levy is governed by Australian legislation.
The New Zealand producer rebate is a rebate for wine that is:
- produced in New Zealand, and
- subject to dealings in Australia that WET is paid on.
The rebate scheme entitles producers to a rebate of 29 percent of the selling price of the wine up to a maximum amount of sales net of any expenses unrelated to the production of the wine in New Zealand.
Only producers of wine made in New Zealand and who are approved as a New Zealand participant are eligible for the producer rebate.
The new guidance sets out how to claim the rebate and common errors in submitting claims.
To see today's news, click here.
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