Update to the Australian Craft Beer Industry, 8 August 2012.
A national craft beer association for the broader craft beer community
There are a few important bits of news relating to excise that you should be aware of.
Firstly, the Australian Taxation Office has advised us that the regulatory changes necessary for the extension to the microbreweries excise refund scheme, announced in the last Federal Budget, have been made. The changes have been backdated to apply to beer made on and after the 1st of July, 2012.
The changes mean that the amount of refund has increased from $10 000 per year to $30 000 per year. In addition, the 30 000 litre per annum limit has been removed. The refund remains at 60% of the excise paid.
The process for claiming the refund remains the same and the forms can be accessed here.
The ATO have advised that they will be sending a letter outlining the changes to license holders within two weeks.
Secondly, as you are most likely aware the latest CPI adjustment took effect as at the 1st of August. You can download a pdf of the new rates here (110 KB).
Finally, the Federal Government has announced that they have commissioned a review to consider further improvements to the efficiency and effectiveness of the excise equivalent goods framework, including opportunities for streamlining arrangements and reducing costs to business. The review will not address the rate, scope or incidence of excise.
The CBIA will be formulating a submission to the review and we want your input. Please send your submission suggestions to Owen Johnston at email@example.com
Brad, Chuck, Dave, Jayne, Jeremy, Matt and Owen