Post by KakkoiiMan on May 5, 2011 23:43:16 GMT 8
Refer to www.ato.gov.au/businesses/content.aspx?menuid=0&doc=/content/00234529.htm&page=17&H17
Wholesale / distributor sales
Calculating WET for wholesale/distributor sales is relatively simple: you just apply the 29% WET rate to the price you sell the wine for. The GST is then calculated on the WET-inclusive price, as shown in the following example.
The 'before tax' price is sometimes known as 'base' price.
Example - wholesale sale
A winemaker sells grape wine to a wholesaler for $120 a dozen before tax.
1 dozen wine:
$120.00
Plus WET @ 29%
($120 x 29/100):
$ 34.80
Sub-total:
$154.80
Plus GST @ 10%
($154.80 x 10/100):
$ 15.48
Total wholesale price:
$170.28
Wholesale / distributor sales
Calculating WET for wholesale/distributor sales is relatively simple: you just apply the 29% WET rate to the price you sell the wine for. The GST is then calculated on the WET-inclusive price, as shown in the following example.
The 'before tax' price is sometimes known as 'base' price.
Example - wholesale sale
A winemaker sells grape wine to a wholesaler for $120 a dozen before tax.
1 dozen wine:
$120.00
Plus WET @ 29%
($120 x 29/100):
$ 34.80
Sub-total:
$154.80
Plus GST @ 10%
($154.80 x 10/100):
$ 15.48
Total wholesale price:
$170.28