Treasury Laws Amendment (2017 Measures No. 4) Act 2017 (94 of 2017)

Schedule 1   Wine equalisation tax producer rebate

Part 1   Main amendments

Division 2   Application and transitional provisions

20   Transitional - 85% ownership requirement taken to be satisfied for certain assessable dealings

(1) Subitems (4) and (5) apply in relation to an assessable dealing in wine if:

(a) in a case where the source product for the wine is covered by paragraph 19-5(4)(a), (b), (c) or (d) of that Act - the crushing of the source product for more than 50% of the wine (measured by volume) occurred before 1 January 2018; and

(b) in a case where the source product for the wine is covered by paragraph 19-5(4)(e) or (f) of that Act - the initial fermentation of the source product for more than 50% of the wine (measured by volume) started before 1 January 2018; and

(c) the producer of the wine owned the wine throughout the period:

(i) starting immediately before 1 January 2018; and

(ii) ending at the time of the assessable dealing; and

(d) the assessable dealing is covered by subitem (2) or (3).

(2) The assessable dealing is covered by this subitem if:

(a) the time of the dealing is before 1 July 2023; and

(b) the wine is in a container at the time of the dealing, and any of the following requirements are satisfied:

(i) that container clearly displays the vintage date of the wine;

(ii) the wine had been placed in that container before 1 July 2018.

(3) The assessable dealing is covered by this subitem if:

(a) the time of the dealing is before 1 July 2025; and

(b) on 1 January 2018:

(i) the wine was in the process of being manufactured into fortified wine; or

(ii) the wine was fortified wine, and was already in the container in which it was placed at the time of the assessable dealing.

(4) Treat the requirements in paragraph 19-5(1)(d) and 19-5(2)(e) of the A New Tax System (Wine Equalisation Tax) Act 1999 as being satisfied in relation to the assessable dealing in the wine.

(5) Despite item 19, the amendment made by items 10, 11 and 16 of this Schedule do not apply in relation to the wine.