WET Quotation Compliance

WET Quotation Compliance

WET Quotes from customers NEED to be checked for compliance!

It is a serious RISK management issue.

The three most common errors we see are:

1. Wineries don’t get WET quotes for bulk wine sales where WET hasn’t been charged.

• this is absolutely a problem
• any time wine is sold without WET a Quotation is required
• if you sell bulk make sure the broker provides a compliant quote

2. Quotes must be dated as SIGNED ON or BEFORE the invoice date.

• NOT after the invoice date
• Periodic quotes are only compliant from the signed date
• TIP ask for periodic FY quotes in June

3. Make sure only 1 box is ticked.

• the customer cannot tick both boxes
• they must provide 2 quotes if both boxes apply

It is really important to get compliant WET quotes at the time of sale because:

• You’ll need to supply them to the ATO when audited
• You won’t be able to get compliant copies from customers who have gone out of
  business at a later date

If the ATO spring a WET audit and the WET quotes held aren’t compliant, you’ll have to pay
the WET on the sale, AND a penalty which can be up to 100% of the WET.

If a number of WET quotes are incorrect the resulting penalties can be crippling to cash flow.

We recommend that copies of the relevant WET quotes are saved with the records for each
BAS.

When the ATO come calling for WET Quotes don’t be caught out!

Buying Under Quote