Small liquor brewers and distillers are set to receive some much-needed relief after the federal government announced a tax cut worth up to $250,000 as part of the 2021-22 Budget.
The support package, set to be unveiled in this month's budget, will benefit from a tripling of the excise refund cap for small brewers and distillers from $100,000 to $350,000 per year adding an estimated $55,000 into the pockets of small distillery owners.
The announced changes are expected to benefit about 600 brewers and 400 distillers, most of whom are in located in hard-hit rural and
regional Australia, allowing them to keep more of what they earn, helping them to invest, grow and support the employment of roughly 15,000
Additional support to brewers and distillers across the country will also serve as much-needed relief for those businesses severely impacted by COVID-19.
This will align the benefit available under the Excise Refund Scheme for brewers and distillers with the Wine Equalisation Tax (WET)
The announcement builds on the Morrison Government’s track record of supporting small brewers and distillers including by enabling them to automatically receive excise duty remissions when they lodge excise returns; providing them with record investment incentives; and fast tracking the reduction in the small company tax rate to 25 per cent by 1 July 2021.
Download official Media Release here.
Your tax refund can seem like winning the lottery. But it's not - it is your own hard-earned cash. So how can you make it work as hard for you as you did earning it?
ONLINE Webinar Session
27 July // 1:00PM
Taking care of your mental health during lockdown periods becomes really essential. Shared by Simon Fraser University Health & Counselling Services: 25 tips to help you and your loved ones navigate this time.