NZ: Government simplifying wine excise tax rules
NZ: Government simplifying wine excise tax rules
Jun 1, 2011 6
Economic Development Minister David Carter and Customs Minister Maurice Williamson today announced changes to wine excise tax regulations which will benefit more than half the country's wineries.
From 1 July, thresholds for the payment of excise tax will lift tenfold, allowing smaller wineries to shift from monthly payments to six-monthly or yearly payments.
Currently, only wineries with a tax liability of less than $10,000 are exempted from paying monthly. The new thresholds are:
* $100,000 or more, excise to be paid monthly
* $50,000-$100,000, excise to be paid six-monthly
* $50,000 or less, excise to be paid annually.
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