Wine Equalisation Tax

​​Wine Equalisation Tax (WET) is calculated as follows:

(final line CVAL + final line Duty + line T&I) x WET rate. (currently 29%).

WET can be calculated for Nature 10 & 30 Full Declarations.

There are six WET line fields to be calculated for each line of a declaration.

WET can only be calculated when a “WET goods” characteristic code is listed against a statistical code of a tariff classification.

The five WET line fields calculated assuming the WET Characteristic code applies are:

1. Line Calculated WET Amount – is equal to the:

   1. (Final Line Customs Value + Line Customs Duty Amount + Line Countervailing Duty + Line Dumping Duty + Line Transport and Insurance) x WET rate.
      If the WET is quoted, the goods are non-taxable, or the importer claims an exemption by using a WET exemption code, then the amount is zero.

2. Line Payable WET Amount – set to Line WET Calculated Amount when the importer has not set the WET Quote indicator.

3. Line Exempted WET Amount – is equal to the:

   1. (Final Line Customs Value + Line Duty + Line Transport and Insurance) x WET rate when the goods are non-taxable or the importer claims an exemption by using a WET exemption code.

4. Line Standard WET Amount – is equal to the:

   1. (Final Line Customs Value + Line Standard Duty + Line Countervailing Duty + Line Dumping Duty + Line Transport and Insurance) x WET rate.
      If the WET is quoted, the goods are non-taxable or the importer claims an exemption by using a WET exemption code, then the amount is zero.

5. Line General WET Amount – is equal to the:

   1. (Final Line Customs Value + Line General Customs Duty + Line Countervailing Duty + Line Dumping Duty + Line Transport and Insurance) x WET rate.
      If the WET is quoted, the goods are non-taxable or the importer claims an exemption by using a WET exemption code, then the amount is zero.
      

In the unlikely scenario of a temporary import then any WET amount that would be payable in normal circumstances is still payable. The temporary import only allows non-payment of Duty, GST and LCT.

The following table shows what values will be calculated for each field in the following scenarios:

1. Importer pays WET ,
2. Import Quotes WET ,
3. Importer uses WET exemption Code ,
4. Non-taxable
5. Temporary Import
   

The table assumes the following values:

• WET rate of 29%,
• Final Line Customs Value = $1000,
• Line Payable Duty Amount = $500,
• Line Standard Duty Amount = $1000,
• Line General Duty Amount = $1500,
• Line Dumping Duty Amount = $0,
• Line Countervailing Duty Amount = $0 and,
• Line Transport and Insurance Amount = $100.

V1.0 02 APR 2004