Politics · India Bureau
Tasmanian court overturns A$23.4m tax bill for billionaire's dairy estate
A Full Court in Tasmania has cancelled a major stamp duty assessment against companies linked to billionaire Xianfeng Lu, removing a A$23.4 million liability including penalties and interest tied to the 2016 acquisition of the Woolnorth dairy property.
LSN India ·
The appellate court's decision resolves a long-running dispute over the purchase of the Woolnorth dairy estate in north-west Tasmania, which was acquired for A$280 million in 2016. The companies managing the property had faced a substantial stamp duty bill that accumulated penalties and interest over the years of legal contestation.
The Full Court's ruling represents a significant victory for the entities controlled by Lu, removing what had become a major financial encumbrance on the operations of the expansive dairy facility. The case centred on the tax treatment of the high-value property transaction, with the court ultimately determining that the assessment should not stand.
The Woolnorth estate stands as one of Tasmania's most substantial agricultural operations, and the resolution of this tax matter clears a major legal hurdle for its continued management and development. The decision comes after years of dispute between the property owners and Tasmania's revenue authorities over the proper tax liability arising from the 2016 acquisition.