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Wine Equalisation Tax Setup and Sage X3

If you use or would like to Use Sage X3 and are an organisation that makes or imports wine into Australia or sell it by wholesale, then this blog is for you.
Envisage have recently setup wine equalisation tax (WET) in Sage X3 for one of our clients and found some of the idiosyncrasies quite challenging.
WET is a tax of 29% of the wholesale value of wine, designed to be paid on the last wholesale sale of wine, which is usually between the wholesaler and retailer. But it may apply in other circumstances – such as cellar door sales or tastings – where there hasn't been a wholesale sale. WET is also payable on imports of wine (whether or not you are registered for GST).
 
Whilst this blog is not designed to be instructions on how to setup, we wanted to show you that flexibility of Sage X3 tax setups that show we can certainly accommodate WET Tax.
Example of the WET on a sales invoice for wholesale. wet1
Tax amount – $457.92 WET amount (29% of $457.92) – $132.80 Tax base – $590.72 GST – $59.07 Total – $649.79
  Example of the WET on a sales invoice for cellar door. wet2
Tax amount – $587.98 WET amount (18.976799% of $587.98) – $110.19 Tax base – $698.17 GST – $69.83 Total – $768.00
 
For more information on Sage X3 Integration and Services, or more details explanation of Wet Tax setup please contact us at 08 8366 6511 or on ebsolsupport@ebsol.com.au. We will be glad to assist you.
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