Clive Palmer is suing the tax office over a $90 million capital gains tax bill for his company’s sale of West Australian iron ore mining rights to a Chinese firm in 2006.
Matt Chambers of The Australian reports that Palmer’s company Mineralogy initially declared a $299 million capital gain for its deal with Citic Pacific but now says it actually made a net capital loss.
Palmer said Minerology had paid the tax office $70 million and now wants it back along with $20 million in interest. He once listed legal action as a hobby, the Aus reports.
The billionaire is hoping to contest the Federal Election this September and has founded the Palmer United Party (PUP). If elected, Palmer has promised to abolish the fringe benefits tax on business lunches and entertainment.
The Australian Electoral Commission is currently considering any objections to the PUP by 1 July, before it formally joins the AEC’s official list.
More on the Aus.
Business Insider Emails & Alerts
Site highlights each day to your inbox.