Billionaire Wins A$23.4 Million Tax Reversal In Tasmania

Times of India · business

A Full Court in Tasmania has overturned a significant tax assessment against companies linked to billionaire Xianfeng Lu, cancelling a disputed A$23.4 million stamp duty bill including penalties and interest. The ruling is a major legal victory for Moon Lake Investments and other firms associated with Mr Lu. The dispute originated from the 2016 purchase of the A$280 million Woolnorth dairy estate. This successful appeal removes a substantial financial burden that had impacted the companies managing the property for years.