Huang Xiangmo asked to declare all of his assets to Australian court

After an alleged tax bill of $140m from the Australian Taxation Office, Chinese billionaire Huang Xiangmo has reportedly been given 21 days starting from October 21 to declare his assets to the federal court. There are reports of unpaid taxes, interest and penalties against the billionaire who exiled from Australia over security agencies’ concerns about foreign political interference. The ATO further seeks to declare him bankrupt in Australia and apply for a summary judgment to pursue his assets. As per a federal court judgment on Monday, Huang's assets have been frozen including that outside of Australia and ordered that he disclose his assets worldwide within 21 days. An appeal against the disclosure has been filed by Huang's lawyer, Nathan Li. Highlights of the ATO accusations include unpaid taxes worth $140,925,953.98 from 2013 to 2015.

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ATO said in its submissions to the court that Huang had grossly understated his income and made false or misleading statements to the Commissioner in respect of the income tax returns with recklessness.

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Huang's wife appealed to not cease assets in Australia that belong to her

The court earlier heard the argument to make its decision on freezing the assets before asking to produce the details, as per reports. The barrister of Huang has asked to lift the freeze on his assets and on another $12.8m Mosman mansion held in the name of his wife, Jiefang Huang. As per reports, it is Huang's largest asset remaining in Australia. Lawyers argued that it belongs to his wife and should not be frozen. His wife produced an affidavit to the court, in which she gives her occupation as “housewife” and her income as $100,000 a year, says the funds were a gift from her husband. His lawyer, Noel Hutley SC also pointed out that Huang's overseas assets are not under the court's jurisdiction. He blamed the court's orders to be 'intrusive'.

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Earlier court proceedings

On the other hand, Anthony McInerney SC, for the tax office, said that overseas enforcements are indeed possible. Earlier in September, Justice Anna Katzmann said Huang had pulled nearly $50m out of Australia since his permanent residency was canceled by the government last December on advice from Asio over concerns about foreign political interference. The judge said that Huang's audit indicates an intention to avoid paying tax by grossly understating income. His flow of money across Australia and China shows he is a moneyed man, yet he did not clear his dues as mentioned by ATO, Katzmann had said. She concluded that all the points show that Huang has both a motive and the means to dissipate his Australian assets.

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