Wine equalisation tax

Wine equalisation tax (WET)

Wine equalisation tax (WET) only applies to wine manufacturers, wholesalers, and importers. Retailers do not have a WET liability unless they make wholesale sales or bottle their own wine.

WET is a tax based on the value of wine. WET applies at 29% of the value of the wine at the last wholesale sale (before adding GST).

If you report and pay GST using a pre-determined instalment amount (option 3 on the business activity statement [BAS]), don't complete the WET section of your BAS. We have included your WET in this amount. You'll still need to report WET payable (1C) and WET refundable (1D) when lodging your Annual GST Return. This is due at the same time as your income tax return.

If you report and pay GST annually you are not required to report WET on monthly or quarterly BASs, however you must report WET on your Annual GST Return.

Completing the Wine Equalisation Tax (WET) labels

To report on WET, the following labels must be completed:

  • 1C – WET payable

  • 1D – WET refundable

Wine manufacturers, wholesalers and importers need to complete the WET section of the business activity statement (BAS).

If you have no WET to report, enter ‘0’ at 1C and 1D.

1C – WET payable

Enter at 1C all WET that you're liable to pay in the current reporting period.

This includes all your assessable dealings, the most common being wholesale sales and retail sales.

1D – WET refundable

Include at 1D the amount of WET refundable.

Calculate the WET you are entitled to as a credit in the current reporting period. You can claim a WET credit if you’ve overpaid WET, are entitled to a producer rebate for certain exports or imports, or where you've written off a bad debt.

If you have nothing to report, enter '0' at 1D.

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