Lend Lease in landmark tax win
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Lend Lease Group (LLC) has won a landmark $20 million tax dispute that could set a benchmark for how stamp duty is levied on development land, according to The Australian Financial Review.
The group's win on appeal against Victoria’s revenue commissioner in the Supreme Court of Victoria saw it successfully argue that it should not have been taxed on the combined value of two separate payments for each of seven land parcels in Melbourne’s Docklands precinct, according to The Australian Financial Review.
Lend Lease has started a $1.5 billion mixed use development in the Docklands, to be staged over 10 years.
In June, Lend Lease reiterated its full-year earnings guidance, saying the result would fall in line with analyst expectations of $540 to $550 million and the published Bloomberg median of $547 million.
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