“Anyone who tries to make you believe that he knows all about wine is obviously a fake” wrote the American wine writer, Leon Adams. We can see his point, as there are many wines from many countries to taste.
However, here at Lincolns we can confidently make the claim that “we know all about the Wine Equalisation Tax (WET)”.
This is a claim very few accountants in WA can make.
WET is unique to the wine and cider industries and is a complex web of imposts and rebates, supposedly for the betterment of these industries. In reality WET has created a taxing mine field among the vines.
Wineries have other compliance edicts that we have command of, such as absorption costs measurement of stock on hand. This is a great tool for helping calculate the true cost of a bottle of wine. Along with this is the expertise we bring with regards to succession planning and advice on buying and selling businesses.
At Lincolns both Robert Prior and Phillip Mortimer have mastered the art of WET and all business matters wineries need to be aware of. This ensures they are not only compliant with the current WET regulations but that they maximise the rebates due to them and they are also prepared for the changes that are coming. Changes are frequent in this area, as are ATO Audits – which are on the increase. Our winery clients are the full bottle (pardon the pun) on what it costs to turn each vintage into cases of wine.
We have also within our bookkeeping ranks a former winery owner, Kylie Smith, who is well aware of the WET issues, having dealt with such personally for many years.
As a team Robert, Phillip and Kylie work together to assist our clients ensure that their systems are up to WET compliance, they are able to understand the many peculiarities and they know where they are headed.
For all the winemakers out there, so you can better enjoy a glass of your labours, come and see us at Lincolns to help relieve you of the red tape wrapped around your wine bottles.
And for those of you who don’t own a winery, as you enjoy a glass – please spare a thought for the winemakers who not only have to deal with growing their grapes and turning them into a lovely drop for your enjoyment - but they have to also contend with a myriad of regulations and tax complexities imposed on them.