A New Tax System (Wine Equalisation Tax) Act 1999

Part 4 - Wine tax credits  

Division 17 - Wine tax credits  

17-35   Clawback of CR8 wine tax credit on later sale of defective wine  

(1)    
A * wine tax credit under * CR8 for wine tax on wine that was used to replace defective wine is subject to the condition that you are liable to pay an amount under this section if you later sell the defective wine.

(2)    
The amount payable by you is calculated using the following formula:

*CR8 wine tax credit	×	Consideration for later sale of defective wine
		Taxable value of earlier dealing with the defective wine	+	Tax payable on the earlier dealing with the defective wine

(3)    
The amount is to be treated as if it were wine tax that became payable by you at the time of the later sale of the defective wine, and, for the purposes of Part 5 , were attributable to the * tax period in which the later sale happened.

Note:

The main effect of treating the amount as if it were wine tax is to apply the collection and recovery rules in Part 3-10 in Schedule 1 to the Taxation Administration Act 1953 .