IBA response to the 2022/23 federal budget
The 2022/23 federal budget just announced contains good news for members of all size and scale.
While there are other incentives around taxaction, an important one for breweries specifically is the adjustment to how alcohol excise is reported and we are sure this will be a welcome change.
If you remember our response to the Excise Deregulation Taskforce included a request that processing of excise could be more streamlined and possibly aligned to other tax requirements ie BAS.
From 1 July 2023, manufacturers, importers and distributors in the alcohol sector with an annual turnover of less than $50 million will be able to lodge and pay excise and excise-equivalent customs duty on a quarterly basis. This is, hopefully a positive change for businesses that report monthly or weekly currently.
We hope that this will be the first of other announcements around improving the excise administration process.
While we are still seeing some controversy around the proposed 50% cut to tax on draught, we feel that this will be of benefit to our members that supply kegged product. Given the cut is on beer targeted at on premise, we can only hope that the flow on benefit promised for the hospo industry and consumers is realised.
You can see the government press release here:
Government Budget Press Release Here
IBA Response to Excise Deregulation Taskforce Here