WET is a tricky area of taxation which usually requires assistance from an accounting advisor to set up in your MYOB software.
To learn more about WET, visit the ATO website.
This article...
Updated 9 years ago
Version 1.0
Blog Post
Re my previous comments regarding MYOB and Wine Industry tax codes and invoice templates. I have had so many comments / requests regarding our work around, I have decided to post this today. If you would like a pdf on what we do, here is the link. https://www.valleybookkeepingsolutions.com/shop
You will also find on this link, a spreadsheet that we have streamlined to use with the MYOB GST Summary Report (Cash or Accrual). It has the formulas imbedded and LOCKED (yep - lessons learned on this one!) that take away the guess work of calculating your BAS figures and confidence in correct calculations for Producers Rebate. Now we wait for MYOB to catch up on allowing us to drill into the tax code when raising invoices. This step is crucial for this work around - so as at 17th May 2021 - we can only raise Wine Industry invoices on the desktop version and not browser :(