• WET - how to complete your activity statement labels

    Wine manufacturers, wholesalers and importers need to complete the WET section of the business activity statement (BAS).

    If you have no WET to report, enter ‘0’ at 1C and 1D.

    To report on WET, you need to complete the following labels:

    1C – WET payable

    Enter at 1C all WET that you're liable to pay in the current reporting period.

    This includes all your assessable dealings, the most common being wholesale sales and retail sales.

    1D – WET refundable

    Include at 1D the amount of WET refundable.

    Calculate the WET you are entitled to as a credit in the current reporting period. You can claim a WET credit if you’ve overpaid WET, are entitled to a producer rebate for certain exports or imports, or where you've written off a bad debt.

    If you have nothing to report, enter '0' at 1D.

    See also:

      Last modified: 04 Apr 2017QC 33697