You can claim WET credits, including the WET producer rebate, for 2017 and earlier vintage wine sold or dealt with before 1 July 2018.
2017 and earlier vintage wine is wine where more than 50% of the grapes used to make the wine were crushed before 1 January 2018.
WET credits
You're entitled to a WET credit for 2017 or earlier vintage wine sold or dealt with before 1 July 2018 if all of the following apply:
- You paid WET in error or overpaid WET, for example, you're a wholesaler sells wine and pays WET, but you subsequently allow a settlement discount.
- You're liable to pay WET on wine that has already had WET paid on it.
- You didn't quote your ABN when you purchased wine, even though you were entitled to quote, and the price you paid included WET.
- You sold wine on which WET had been paid to someone who quoted an ABN and the WET amounts aren't passed on in the selling price.
- You exported wine on which WET had been paid, for example, you are a retailer who purchases wine at a price that includes WET and subsequently export the wine.
- You wrote off bad debts that included WET you had paid.
- You're entitled to the wine producer rebate.
You're only entitled to a WET credit if you or someone else has not already been entitled to claim a credit for that WET amount.
Producer rebate
Before 1 July 2018, the maximum producer rebate amount that you could claim each financial year was $500,000.
You're eligible for the WET producer rebate for 2017 or earlier vintage wine sold or dealt with before 1 July 2018 if you are both:
- the producer of the wine
- liable to pay WET on the wine or have sold the wine under quote and the purchaser declared in the quote that they will not make a GST-free supply of the wine.
You do not need to have owned the source product for the wine. If you manufacture wine using wine as an input, you must reduce your claim by any earlier producer rebate amounts claimed for that wine.