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Tax changes to please wine industry
12 May 2004
The Federal Government has overhauled the contentious wine equalisation tax. Treasurer Peter Costello announced that a rebate of up to $290,000 will be available to every wine producer, which will effectively mean 90 per cent of Australia's wine producers will be exempt form the tax. The initiative will particularly support small wine producers with domestic sales, he said.
The new system will start on October 1; it will exempt the first $1 million worth of a producer's wholesale wine sales from the tax. The rebate means producers will still pay WET but will now be able to claim back the rebate every year. Mr Costello said the changes will reduce tax on the wine industry by $338 million.
News.com.au, 11/5/04.
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