Court overturns A$23.4 million tax bill linked to Tasmanian dairy farm purchase

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A Tasmanian Full Court has reversed a significant tax assessment against companies linked to billionaire Xianfeng Lu. The ruling cancels a A$23.4 million stamp duty bill, which included penalties and interest. The liability stemmed from the 2016 purchase of the Woolnorth dairy estate for A$280 million. The decision removes a major financial burden from the companies managing the north-west Tasmania property.

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