Big business faces tax affairs crackdown

The dodgy tax avoidance ploys of multinational companies are set to be weeded out.

Multinationals with a turnover of $1 billion or more will now have to provide a detailed account of their tax arrangements, after the federal government did a deal with the Greens.

The Greens also agreed to private companies with a turnover of $200 million - double the threshold originally slated - providing more detailed accounts publicly.

Labor was furious about the deal, attacking Greens leader Richard Di Natale in the Senate as "spineless" and "lickspittle".

Outspoken Liberal senator Cory Bernardi was also unhappy, crossing the floor because the Greens amendment forcing private companies to disclose their tax affairs betrayed a party room decision.

"The price (of the deal) was indeed this overturning of a party room decision, something that I feel very strongly about," he told the Senate.

Senator Di Natale said the new laws made "big steps" toward transparency, forcing 281 companies including Transfield and Grocon to disclose their tax affairs.