Converting earlier rebate amounts
You are not entitled to claim the producer rebate for dealings with wine until after the end of the financial year in which the dealing was made and WET was paid. However, for the purposes of notifying a purchaser of your rebate entitlement you are deemed to be entitled to the producer rebate before this time.
You can only use Option 1, to determine your approved selling price in Australian currency if:
- you notify a purchaser of your rebate entitlement before being able to make your rebate claim
- any component of the approved selling price is not expressed in Australian currency.
The RBA rate you must use is the rate on the earlier of the date you either:
- received any consideration from the purchaser for the wine
- issued the invoice to the purchaser.