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Australia agreed in December 2004 to extend its Wine Equalisation Tax (WET) rebate scheme (announced in their 2004 budget) to New Zealand wine producers.
An arrangement has now been signed by the IRD and Australian Tax office to create a framework for cooperation to facilitate WET rebates being paid to eligible New Zealand wine producers. New Zealand producers will be able to submit applications from 1 July 2006 for tax paid during the previous year.
In its budget of 9 May 2006, the Australian Government announced that the size of the maximum rebate available has increased from $290,000 to $500,000 per financial year.
For more information or for questions about how the proposed rebate extension will operate contact the Inland Revenue Department.
