A Malaysian businessman has been issued a $70 million bill from Australian Taxation Office, as the government department cracks downs on foreign companies and individuals moving funds offshore.
The ATO claims Yii Ann Hii, who is the chairman of Filipino-based mining company Investwell Group, is a “common law” resident for the purposes of tax after relocating to Australia with his family in 1990.
Hii says he was “not a resident of Australia in any relevant years for Australian taxation purpose” and complains the ATO is incorrectly recording his international income rather than income earned and declared in Australia — despite being a resident.
Hii owns a $6.5m home in Brisbane, $5.8m house on the Gold Coast, two Bentleys, a Ferrari coupe, a Lamborghini and a Rolls-Royce Phantom.
In addition to Hii’s Australian companies, searches have found Hii to have a company in the British Virgin Islands, a business based in Singapore and other assets in Malaysia, The Philippines, Papua New Guinea and Hong Kong.
Read more here.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.