A Federal Court judge has ruled controversial Chinese billionaire Huang Xiangmo should declare his overseas assets as the Australian Taxation Office (ATO) pursues him over an alleged $141 million debt.

Key points: Huang Xiangmo's permanent residency was cancelled in December last year

Huang Xiangmo's permanent residency was cancelled in December last year The ATO claims Mr Huang owes a "considerable" tax bill of nearly $141 million

The ATO claims Mr Huang owes a "considerable" tax bill of nearly $141 million Separately, an ICAC inquiry heard he had made an illegal $100,000 cash donation to NSW Labor

The ATO was granted an order to freeze Mr Huang's assets last month after an audit suggested he "grossly understated" his income in previous years to avoid paying tax.

The property developer, who has been in the spotlight during a recent ICAC probe into alleged illegal donations to NSW Labor in 2015, left Australia for China on December 4 last year.

His permanent residency was cancelled the next day.

His lawyers today attempted to persuade the Federal Court to grant a stay on orders that would force him to declare his overseas assets within 21 days, fearing he may be exposed to prejudice.

But Justice Jayne Jagot declined the application, noting the ATO is bound by an undertaking that it may only use the declared information for the current proceedings, not a fresh investigation.

Justice Jagot said the undertaking "largely and not entirely ameliorates the potential prejudice".

The decision means Mr Huang must declare his offshore assets by November 11.

'Some unknown dark forces'

The billionaire has this week launched a lengthy counter attack against the ATO, claiming the agency had "surrendered" to "some unknown dark forces" and had become a tool for "political persecution".

In a lengthy statement posted online, Mr Huang said the Australian Security Intelligence Organisation (ASIO) and the media were conspiring against him.

The ATO claims Mr Huang owes a "considerable" tax bill of nearly $141 million relating to the 2013 to 2015 financial years and claims there is "very real basis for concern" he may not pay the bill, according to court documents.

The court has previously heard Mr Huang has the means to frustrate the court process because his finances are complex and he has structures in place to easily move assets between jurisdictions.

As of April 2011 he was the director of 20 Australian companies, but once the tax audit began in October 2017 Mr Huang began to move assets out of Australia.

Between 2016 and 2019, he transferred "tens of millions of dollars into and out of Australia".

But since December 2018, the outbound funds exceeded $46 million — nearly twice as much as the previous year.

The freezing order included a $12.8 million mansion in Mosman under the name of Mr Huang's wife, Jiefang Huang, and two Chatswood properties worth $6.5 million together.

Mr Huang denies allegations aired in the ICAC inquiry that he was the source of a $100,000 donation to NSW Labor, including that he personally delivered a shopping bag filled with cash to Labor headquarters in 2015.