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The Times of India
The Times of India
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TOI World Desk

Billionaire wins appeal overturning A$23.4 million tax bill tied to Tasmania's Woolnorth dairy estate

Tasmania

A Full Court in Tasmania has overturned a multi-million-dollar tax assessment against companies linked to billionaire businessman Xianfeng Lu. The decision cancels a disputed A$23.4 million stamp duty bill, including accumulated penalties and interest. The ruling is a major legal win for Moon Lake Investments and other companies linked to Mr Lu. The dispute arose from the 2016 purchase of the large Woolnorth dairy estate in north-west Tasmania. Moon Lake Investments Pty Ltd bought the property for A$280 million.

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