Show download pdf controls
  • Definitions

    Extreme value theorem (EVT)

    The extreme value theorem (EVT) method is a statistical based approach, used to understand the potential maximum and minimum values in a ranked (continuous closed interval) data set. Extreme value theory is appropriate when the data being reviewed exhibits the 80/20 rule. That is, a small number of the data points (20%) make up a majority of the total value (80%).

    WET payable

    Amounts of wine equalisation tax (WET) that an entity registered for WET is liable to pay us in a reporting period.

    WET refundable

    Amounts of WET that an entity is entitled to claim a credit for in a reporting period.

    WET producer rebate

    Wine producers may be entitled to a credit (rebate) of the WET amount they have paid on a wine dealing, or the amount of WET they would have paid had the buyer not quoted, up to a maximum of $350,000 each financial year (2018–19 financial year onwards).

    Return to:

      Last modified: 17 Oct 2019QC 57167