Correcting WET errors
You can use this information to change wine equalisation tax (WET) claims you made in an earlier BAS period, if the BAS you use to make the change started on or after 1 July 2012. These changes took effect from 29 July 2015.
You cannot use this information if the BAS you use to make the change started before 1 July 2012. Instead, you must revise the earlier BAS (assuming you are within time to do so).
There are time limits for claiming WET; generally you must claim within four years. The four years commences from the day after you were required to lodge the BAS for the tax period in which the wine was acquired. You may be able to extend the time to amend your claim.
A WET error occurs when you make a mistake in working out the WET or WET credits net amount on an earlier BAS.
If you realise you have made an error on an earlier BAS once it has been lodged you must correct it. You need to work out the amount that has been over claimed or under claimed.
The WET error is the actual error amount, not the gross or WET inclusive price of the transaction.
A credit error means you reported and paid too much WET, for example you:
- reported a sale twice
- overstated the WET on sales.
A debit error means you reported and paid too little WET, for example you:
- failed to include WET on a taxable sale
- understated the WET on sales.
If you made multiple errors in a BAS period, you must treat each error individually when determining if it can be corrected and how to correct it.
You cannot correct a WET error more than once.