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

21   Transitional - producer taken to own the source product for certain wine

(1) Subitems (2) and (3) apply in relation to an assessable dealing in wine if the following requirements are satisfied:

(a) the wine is fortified wine;

(b) the fortified wine was manufactured using wine (the stored wine )that was stored in tanks or in barrels (but not in bottles) immediately before 1 January 2018;

(c) the producer of the fortified wine owned the stored wine immediately before 1 January 2018.

(2) Treat the producer of the fortified wine as satisfying the requirements in subsection 19-5(3) of the A New Tax System (Wine Equalisation Tax) Act 1999 for the stored wine.

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