ATO seeks to freeze Huang Xiangmo's Australian assets

The ATO has sought orders in the Federal Court in Sydney on Monday to freeze the local assets of the exiled billionaire Huang Xiangmo, a central figure in the alleged NSW corruption watchdog's investigation into the $100,000 Labor Party donation in an Aldi bag.

The ATO sought urgent orders against Huang and his wife Jiefang as it seeks $140 million in allegedly unpaid tax and penalties.

The Chinese property developer has denied he's ever shopped at Aldi, let alone donated $100,000 cash to the Labor Party.

The inquiry at ICAC has heard that Huang, whose Australian resident return visa was cancelled last year, was the alleged donor of the cash delivered in an Aldi bag after a 2015 fundraising dinner.

As a developer, Mr Huang was not allowed to make political donations.

His Australian permanent residency visa was cancelled last December for reasons including character grounds.

"Both Mr Huang and Mrs Huang are now out of the jurisdiction," the ATO's barrister, Anthony McInerney, SC, told the court on Monday.

Huang was in Australia previously heading Yuhu Group.

He now resides in Hong Kong.

His wife Huang Jiefang recently bought one of Hong Kong’s most expensive residences, paying $HK520 million ($95 million) for a newly built house in Repulse Bay.

Mr Huang’s former Mosman abode is also held in his wife’s name since it was bought new in 2012 for $12.8 million.

Mcinnerney told the Federal Court the Tax Commissioner had initiated an audit of Huang two years ago believing he had "grossly understated his income" between 2013 and 2015.

Huang got a $140 million tax bill on September 11.

Neither of the Huangs nor their lawyers were in court to respond to the claims.