Completing the Wine Equalisation Tax (WET) labels
To report on WET, the following labels must be completed:
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.
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.
Lodge your BAS
You complete the WET section of your business activity statement using the following labels: 1C - WET payable and 1D - WET refundable.