His Australian assets "do not seem to be enough to satisfy the tax liability" and his offshore money transfers had also "increased dramatically" since the ATO audit began, she said.

Justice Katzmann said the amount of money transferred out of Australia since December, when Mr Huang left the country, exceeded the amount coming in by $46.7 million. This was "nearly twice as much as the previous year".

The Federal Court has heard the ATO issued Mr Huang a $140 million tax bill on September 11 this year, posted the following day, and garnishee notices to collect the debt were sent to Australian banks, companies and trusts connected to Mr Huang, his wife and son that day. His wife left the country on September 11.

The bulk of the tax bill relates to the sale of a mansion in Hong Kong, which the ATO believes gives rise to a capital gains tax liability. The balance of the bill relates to smaller "unexplained deposits" in bank accounts, the court has heard.

Justice Katzmann said she was satisfied that "there is a real danger that, without the freezing orders, assets will be removed from Australia or otherwise dissipated". This was the case even though there was "no direct evidence that Mr Huang intends to divest himself of his Australian assets or diminish them in value" to avoid tax, she said.

The ICAC has heard allegations Mr Huang, a banned donor under NSW electoral funding laws, made a $100,000 cash donation to the NSW Labor Party before the March 2015 election. Mr Huang denies making the donation.

The tax dispute returns to court on Friday. Mr Huang and his wife may elect to challenge the freezing order and their tax bill.https://www.watoday.com.au/national/huang-xiangmo-s-offshore-money-transfers-increased-dramatically-after-ato-audit-court-20190918-p52spv.html