Small liquor distillers and brewers receive a relief after the federal government announced a tax cut for them worth up to $250,000. The support package benefits from a tripling of the excise refund cap for small distillers and brewers from $100,000 to $350,000 a year, adding an extra $55,000 to the wallets of distillery owners.
Tax for hospitality business
The changes will benefit around 400 distillers and 600 brewers, who are mostly located in rural and regional Australia so they can keep more of their earnings and invest, scale and support about 15,000 employees.
More support to distillers and brewers across Australia will be given to businesses severely affected by Covid-19, aligning benefits available under the Excise Refund Scheme for distillers and brewers with the Wine Equalisation Tax / WET Producer Rebate.
Hospitality business tax
The Government is supporting small distillers and brewers by enabling them to receive excise duty remissions automatically when they lodge their excise returns. It provides them with investment incentives with reduction of the small company tax rate to 25 per cent.
As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.
You can click here to speak to a business, accounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.
We would love to help you formulate investment strategies and streamline your processes to take your business to the next level. Our goal is to help you grow your business, find ways to invest more and increase your productivity.
Phone: 1300 328 855
Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia
Postal Address: PO Box 2234, Bakery Hill, Victoria 3354
Sky Accountants Gisborne & Macedon Ranges
Phone: 03 97444522
Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia
Postal Address: PO Box 270 Gisborne Victoria 3437