The Turnbull Government today released an implementation paper on tightened eligibility criteria for the Wine Equalisation Tax (WET) rebate, the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP and Assistant Minister for Agriculture and Water Resources, Senator Anne Ruston said.
“In the recent Budget, the Turnbull Government announced it would address integrity concerns with the WET rebate and eliminate access to the rebate for unintended recipients,” Minister O’Dwyer said.
“The Government is committed to supporting the wine industry, and ensuring the right conditions are in place to see businesses grow and expand globally.
“The Government is aware that some industry participants have called for eligibility for the rebate to focus on wine producers who own the grapes throughout the winemaking process and have investments in the industry such as ownership of a winery, vineyard or cellar door, and for the rebate to be removed from bulk and unbranded wine sooner.
“The implementation paper sets out the Government’s proposed approach to implement the tightened eligibility criteria, giving consideration to these issues, and invites views from industry.”
The Assistant Minister for Agriculture and Water Resources, Anne Ruston, said “the wine industry has been the driver of changes to the WET rebate, and has said the rebate was creating incentives for business restructuring to take advantage of the rebate.”
“The Government is committed to restoring the integrity of the WET rebate,” Minister Ruston said
Submissions can be made until 7 October 2016. To access the implementation paper visit the Treasury website.
“The Coalition Government will meet with industry stakeholders to discuss the implementation arrangements as part of the consultation.”