Indian business couple Pankaj and Radhika Oswal hope a settlement payout from the ANZ bank will help them sort out a tax bill that prevents them leaving Australia.  The former Perth couple and the bank are in mediation talks after reaching an in-principle settlement deal over the sale of the Oswals' Australian fertiliser business.  The Oswals' barrister Rashelle Seiden SC said a settlement in the ANZ proceedings may enable the couple to settle a 2007 tax case, which she said represented by far the lion's share of their disputes with the taxation commissioner.  "This window of opportunity might bring a certain keener eye by the Oswals to any settlement negotiations with the commissioner," Ms Seiden told the Federal Court.  The commissioner's barrister Michelle Hirschhorn said there were a number of other tax matters, including over a 2010 assessment, that the Oswals apparently wanted to discuss.  "A referral to mediation won't have the effect of ventilating all of the issues between the commissioner and the applicants and it won't really provide a proper forum for resolution of all those issues," she said.  Ms Hirschhorn said the ATO had previously offered to hold face-to-face talks with the Oswals and was still happy to meet to discuss the matters.  Justice Tony Pagone had reserved judgment after hearing the 2007 tax case but on Monday agreed to refer it to mediation on September 1.  That case centres on a capital gains tax liability for 2006/07 over a transfer of shares in Burrup Holdings.  The tax commissioner obtained judgment against Mrs Oswal in 2011 for a total of $186 million, comprising a tax assessment of $100 million plus interest and penalties.  It is understood the tax assessment has been reduced to $31 million, plus interest and penalties which would bring it to around $50 million.  The Oswals fled Australia in December 2010 after the ANZ demanded its loans be repaid and brought in receivers.  The ATO issued departure prohibition orders after they returned from Dubai in April for their Victorian Supreme Court trial.  The Oswals had been seeking $1.5-$2.5 billion in damages from the ANZ and receivers PPB Advisory, arguing the $US560 million sale of their 65 per cent Burrup Holdings stake in 2012 represented less than half its true value.
Abstract: Indian couple Pankaj and Radhika Oswal and the ANZ bank remain in talks to settle their legal battle.