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August 09 Edition Cover

Lend Lease has success in court

03 Sep 2013

The State Government may have to repay over $2.4 million to Lend Lease after the Victoria Harbour developer successfully appealed the way the State Revenue Office calculates stamp duty.

Last month the Court of Appeals found in favour of Lend Lease after an earlier appeal at the Supreme Court supported the State Revenue Office’s calculations.

The appeal related to the stamp duty Lend Lease paid on a series of land transfer deals.

Between 2006 and 2010 the State Government and Lend Lease negotiated developer agreements for the transfer of seven parcels of land.

The land transferred included the Dock 5, Myer, Mosaic, Montage and Convesso sites.

As part of the land transfer agreements Lend Lease was required to contribute to infrastructure and public art located outside of the land parcels.

Lend Lease appealed the way the State Revenue Office calculated the stamp duty by including the agreed purchase price of the land along with the value of the agreed infrastructure and construction works.

A Lend Lease spokesperson said the company was pleased with the outcome of the appeal.

Docklands News understands that the government can appeal the Court of Appeal’s decision.

A spokesperson said the State Revenue Office was currently considering the judgement and its options.

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