As explained inan earlier publication by the Parliamentary Library, the variability in rates is a result of a range of factors, including the need to raise revenue, the desire to reduce the social costs of alcohol consumption, political compromises, and industry protection. Find out how to cancel your registration if these changes mean that you no longer pay WET or claim WET credits. Understanding the classification of your products is an important step to ensure you correctly meet your excise obligations. EEGs can be used in the manufacture of excisable goods. This tool employs a basic version of the Widmark Formula, which can be found below. Wine is subject to wine equalisation tax, not excise duty. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. You must keep documentation that shows the formula produces accurate results. Both Lion and C&B Breweries are members of the BA. Anthony Shakeshaft does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment. the actual volume of the contents exceeds 101.5% of the indicated volume, the dutiable volume is the actual volume. Over the decade to 201718, per capita alcohol consumption fell by around 1.1% each year, and, in the previous 5 years, beer consumption declined by 0.7%. If you make wine, import wine into Australia or sell it by wholesale, you'll generally have to account for wine equalisation tax(WET). (modern). However, contrary to alcohol industry claims, in 2020, amidst the ongoing pandemic,alcohol companies made$15.6 billion in retail sales, which is a 26.7% increase from 2019. For more detail, refer to alcohol excise terms. '$15 pint': biggest tax hike in 30 years paints sobering future for Save this page to your favourites to make sure you use the correct rate for each product in every excise return you lodge.

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