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South Australian Stamp Duty Relief for Commercial Property Transactions

The State Government brought forward the stamp duty concession reductions. For all commercial property contracts signed after 7 December 2015 the stamp duty would be reduced by one third. Further reductions of one third will take effect on the 1 st July 2017 and 1 July 2018. Thereafter there will be no stamp duty on the transfer of eligible commercial property.

 

 

 

GST - The  going concern exemption.

 

Presently if you buy a business or an occupied commercial property, and both the vendor and purchaser agreed and were both registered, there would be no GST payable. This not only has  the cashflow advantage but also there is no (state) stamp duty levied on the GST.

Tax Facts - Wine Equalisation Tax

Wine Equalisation Tax (WET) is a tax on wine levied at 29% of the taxable value of wine. The taxing point is the last wholesale sale, or a retail sale or application for own use (e.g. tastings) when there is no wholesale sale. The taxable value is the actual sale price (excluding WET and GST) for wholesale sales, or a notional equivalent value in the other situations.

WET affects wine manufacturers, wholesalers, and importers. Retailers do not have a WET liability unless they make their own wholesale wine. WET is paid as part of the entity's activity statement, the tax period is the same as the entity's tax period for GST (which may be monthly, quarterly or annually).

The Producer Rebate scheme entitles wine producers to a rebate of WET for up to $500,000 of domestic sales each financial year. There is a modified producer rebate scheme for New Zealand wine producers.

Generally, WET is included in the price that retailers such as bottle shops and restaurants pay when purchasing wine. The retailer is not entitled to claim back the cost of the WET, as the WET is built into the price the retailer pays and then passed on to the consumer.

WET applies to the following alcoholic beverages:

  • Grape wine (including sparkling and fortified wine, marsala, vermouth, wine cocktails, and creams)
  • Other fruit wines and vegetable wines (including fortified fruit and vegetable wines)
  • Cider and perry
  • Mead (including fortified mead) and sake

MORE: See the ATO web site for more information on Wine Equalisation Tax and for instructions on filling out the WET section of the Activity Statement.

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