There is some tax information that applies specifically to winemakers. This includes the valuation of trading stock for income tax purposes - stock in the process of fermenting, maturing wines and wines held for sale. There is also an Australian wine equalisation tax rebate which, depending on legislation, may be claimed in the future.
If you are an approved New Zealand participant for the WET rebate and have an excise identification number, find out here how to claim the rebate.
The wine equalisation tax (WET) is a value-based tax paid on certain dealings with wine sold in Australia.
Certificate of exemption (COE) from tax on schedular payments, formerly withholding payments (IR331)
Individuals, trusts, partnerships or registered companies doing work covered by the Income Tax (Withholding Payments) Regulations 1979 may request a certificate of exemption by completing the IR332 form. From 1 April 2007, the certificate will be credit card-sized, and covered in holographic foil.
Tax on schedular payments is deducted from payments to people who are not employees but work for you on a contract-for-services basis. Information about tax codes and rates for employers.
The Income Tax Act 1994 sets out the rules for the valuation of trading stock at balance date. Trading stock held at balance date for wineries includes stock in the process of fermenting, maturing wines and wines held for sale. Learn about the valuation of trading stock for winemakers for income tax purposes.
Date published: 25 Aug 2005
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