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I am a wine producer. How do I calculate the wine equalisation tax (WET) and GST when I sell the wine by wholesale (ie, to resellers such as bottle shops, hotels and restaurants)?

April 26, 2017CALCULATE equalisation GST producer resellers sell tax wet wholesale Wine

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I am a wine producer. How do I calculate the wine equalisation tax (WET) and GST when I sell the wine by wholesale (ie, to resellers such as bottle shops, hotels and restaurants)?

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The WET on wholesale sales is 29% of the selling price of the wine. The GST of 10% is then calculated on the price including the WET. The WET payable is shown at item 1C.