New Zealand Winemakers May lose Australian Tax Rebates
February 18, 2015 New Zealand Taxation
Winemakers throughout the New Zealand may soon lose out on as much as AUD 23 million, as the Australian government reevaluates a selection of tax rebates.
According to a recent statement by the chief executive of the Winemakers’ Federation of Australia Paul Evans, the government of Australia may soon scrap the Wine Equalization tax rebate scheme which results in tax rebates for a number of New Zealand winemakers.
Currently as many as 200 New Zealand winemakers are claiming tax rebates from the government of Australia of as much as AUD 500 000, totalling AUD 23 million in 2013 alone.
The potential review and abolishment of the rebate is part of a wider revaluation of the Australian tax system, which will be held later this year.
The Wine equalization Tax rebate scheme was initially offered only to winemakers in Australia, but was extended to New Zealand makers as part of the trans-Tasman Closer Economic Relationship Agreement.
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