Dr Edelsten denies tax demand of $1M

Press, 8 April 1987, Page 28

Dr Edelsten denies tax demand of $1M

NZPA-AAP Sydney The millionaire medical entrepreneur, Dr Geoffrey Edelsten, said it would be business as usual despite a $1 million tax demand hanging over him which could leave him homeless. The flamboyant doctor said a demand from the Taxation Office for $985,920 was inaccurate and reports saying his house would be seized to pay the debt were purely “sensational.”

The Deputy Commissioner of Taxation has obtained a writ in the New South Wales Supreme Court to seize Dr Edelsten’s Dural mansion, in Sydney’s north-west, against a $985,920 tax bill owed by the doctor’s company, Elbat Pty Ltd. But Dr Edelsten said the figure of $1 million said to be owing to the Tax Office was grossly over-estimated. “That was the original figure, but it is disputed and is inaccurate,” he

said. “The real figure is more like $100,000.” Dr Edelsten said there was no substance in reports his home at Dural, valued at almost $1.5 million, was under threat “I am sitting here in the house enjoying the view and intend to stay here,” he said. He said hie hoped the situation would be resolved soon and this and other recent financial problems had not damaged his medical empire.