Federal funds 2021: Canberra distilleries in good spirits about new tax refund system | The Canberra Instances

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  Federal budget 2021: Canberra distilleries in good spirits about new tax refund system |  The Canberra Times

News, Federal Politics, Big River, Big River Distilling, Big River Destilling Co., Canberra, Canberra Gin, Gin, Distillery Excise Duty, Excise Duty

While 2020 was a challenging time for many companies due to COVID-19, gin producers for Canberra’s Big River Distilling Co. kept getting stronger. Its founder, Clyde Morton, said the distillery’s growth was partly due to locals wanting to support Canberra-based companies during the worst of the pandemic. “Despite a three-month lockdown, business continued to grow,” said Morton. “People made a conscious decision to buy products from the region.” While the Canberra Gin Company has become a staple in local bottle stores, new moves under the upcoming federal budget could see Big River Distilling continue to be sold in Australia or even overseas. Tax refunds, which go into effect July 1 of this year, will allow burners across the country to receive a refund of excise taxes up to $ 350,000. Currently, brewers and distillers are only allowed to claim 60 percent of excise taxes, up to a maximum of $ 100,000. It is estimated that there are 600 brewers and 400 distilleries across the country, two-thirds of them in regional areas. Those in the brewing and distillation industry, which employs around 15,000 people, are calling for an increase in the excise tax to put it on a par with the Australian wine industry, which has been in abundance for several years. Mr Morton said the new excise tax was a welcome move for the industry. “The Australian liquor industry is still in its infancy and tiny compared to the wine industry, but that allows it to grow,” he said. “This will hopefully lead to export sales on the way for spirits and Australia imports most of their spirits, but hopefully that will change over time. Distilling in Australia is very innovative and there are many new products and styles coming in that innovation will help. “” Canberra’s founder said the new discounts would be used to grow the companies that have been in Fyshwick since 2017. READ MORE: He said the measures would make it easier to find more locations found in other countries to sell or even distribute gin nationwide or overseas. “This means that I will be able to invest in the company again immediately and offer existing employees more hours and fill new employee positions” he said. “I think an expansion is also planned in order to explore more opportunities in the export market and the experience of the Improve burner doors. “While a large part of the price of liquor is excise taxes, Morton said the new discount system could lower the cost of a bottle of gin or vodka. “Lower costs could potentially be passed on to customers, but that remains to be seen,” he said. “For a company like mine, the discounts will likely be used to reinvest in the business, but time will tell.” Our journalists work hard to deliver local, breaking news to the community. Here’s how you can still access our trusted content:

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While 2020 was a challenging time for many companies due to COVID-19, gin producers for Canberra’s Big River Distilling Co. kept getting stronger.

Its founder, Clyde Morton, said the distillery’s growth was partly due to locals wanting to support Canberra-based companies during the worst of the pandemic.

“Despite a three-month lockdown, business continued to grow,” said Morton.

“People made a conscious decision to buy products from the region.”

While the Canberra Gin Company has become a staple in local bottle stores, new moves under the upcoming federal budget could see Big River Distilling continue to be sold in Australia or even overseas.

Tax refunds, which go into effect July 1 of this year, will allow burners across the country to receive a refund of excise taxes up to $ 350,000.

Currently, brewers and distillers are only allowed to claim 60 percent of excise taxes, up to a maximum of $ 100,000.

It is estimated that there are 600 brewers and 400 distilleries across the country, two-thirds of them in regional areas.

Clyde Morton first started the Fyshwick-based distillery in 2017.  Image: Dion Georgopoulos

Clyde Morton first started the Fyshwick-based distillery in 2017. Image: Dion Georgopoulos

Those in the brewing and distillation industry, which employs around 15,000 people, are calling for an increase in the excise tax to put it on a par with the Australian wine industry, which has been in abundance for several years.

Mr Morton said the new excise tax was a welcome move for the industry.

“The Australian liquor industry is still in its infancy and tiny compared to the wine industry, but that allows it to grow,” he said.

“This will hopefully lead to export sales on the way for spirits and Australia imports most of their spirits, but hopefully that will change over time. Distilling in Australia is very innovative and there are many new products and styles coming in will help this innovation. “”

The Canberra distillery founder said the new discounts would be used to grow the businesses that have been in Fyshwick since 2017.

He said the measures would make it easier to find more locations in other jurisdictions to sell or even distribute gin nationwide or overseas.

“This means that I will be able to invest in the company again immediately and offer existing employees more hours and fill new positions,” he said.

“I think an expansion is also planned to explore more opportunities in the export market and improve the burner door experience.”

While much of the price of spirits is made up of excise taxes, Morton said the new discount system could cut the cost of a bottle of gin or vodka.

“Lower costs could potentially be passed on to customers, but that remains to be seen,” he said.

“For a company like mine, the discounts will likely be used to invest in business again, but time will tell.”

Our journalists work hard to deliver local, breaking news to the community. Here’s how you can still access our trusted content: