|
|
|
Inquiry backs wine tax rebate bill
12 Aug 2004
A Senate inquiry has backed a bill to provide a tax rebate of up to $290,000 to wine producers, which is expected to come into effect from October 1. The new law effectively exempts, from the wine equalisation tax, $1 million of the wholesale value of a producer's domestic wine sales every financial year. The new rebate scheme replaces the current cellar-door rebate scheme which provides a maximum WET rebate of up to $42,000.
The Senate committee recommended the bill be passed but noted Treasury has yet to clarify whether overseas producers can import wine to Australia, blend it with some local product and claim the rebate.
The Senate report said Treasury has indicated it's not the intention that the rebate would be available under such circumstances, and the legislation as drafted should prohibit such a claim being made successfully. But Treasury has yet to confirm and clarify that advice.
Tradingroom.com.au, 11/8/04.
|
|
