Tycoon's wife will dispute ATO assessment The Australian
The Oswals, who now live in Dubai, are believed to want $40m for the home, which was to have included seven bedrooms, 11 bathrooms, a beauty salon, gymnasium and meditation room.
Ms Oswal owns a 35 per cent stake in Burrup Fertilisers.
She intends to dispute the tax assessment and ask the court that her assets, including properties, not be seized until the court hears the grounds for appeal.
It is understood Ms Oswal will contest the value of the shares and argue that she never profited from them.
Ms Oswal's barrister, Peter Kulevski, yesterday told the court his client would suffer personal hardship if the tax debt was executed. "This would bankrupt her," Mr Kulevski said.
The ATO yesterday agreed not to begin bankruptcy proceedings without giving two weeks notice.
Ms Oswal did not oppose the ATO's application for summary judgment.
The ANZ, owed $800m from Burrup and Mr Oswal's private companies, appointed receivers last year. Mr Oswal owns another 30 per cent of Burrup, with the remainder held by Norwegian chemical giant Yara International.
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