A Full Court in Tasmania has overturned a significant tax assessment against companies related to Xianfeng Lu. The decision cancels a A$23.4 million stamp duty bill that included penalties and interest. This dispute originated from the 2016 purchase of the Woolnorth dairy estate, bought for A$280 million. The ruling removes a major financial liability for the companies managing the property in north-west Tasmania.
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Billionaire wins appeal overturning A$23.4 million tax bill tied to Tasmania’s Woolnorth dairy estate
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