What this rule covers
The Australian Treasury has registered the A New Tax System (Wine Equalisation Tax) (New Zealand Producer Rebate Foreign Exchange Conversion) Determination 2026. The rule sets out how New Zealand wine producers convert foreign currency amounts into Australian dollars when calculating their Wine Equalisation Tax (WET) producer rebate.
The full text of the Determination is available at https://www.legislation.gov.au/F2026L01045.
What the rule requires
The Determination covers how to choose a conversion method and what methods are available for converting a foreign currency component to Australian dollars for the purpose of the WET producer rebate calculation.
Previous rule replaced
This Determination replaces the Wine Equalisation Tax New Zealand Producer Rebate Foreign Exchange Conversion Determination (No. 57) 2016, which has been repealed.
Commencement date
The rule came into force on 11 August 2026.
Key actions
- New Zealand wine producers claiming the WET producer rebate in Australia are required to check the full text of the new Determination at https://www.legislation.gov.au/F2026L01045 to confirm which foreign exchange conversion method applies - the old No. 57 2016 rule has been repealed.
- Businesses using accounting or BAS software to calculate their WET rebate are required to confirm with a bookkeeper or tax agent that the foreign exchange conversion method in use complies with the new 2026 Determination.
- The Australian Taxation Office or a tax adviser can be contacted if there is uncertainty about whether this change affects WET rebate calculations from 11 August 2026 onwards.
This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.