Dastyari accuses PM of being tax dodger

Labor senator Sam Dastyari has used the protection of parliamentary privilege to accuse Prime Minister Malcolm Turnbull of being a tax dodger.

Senator Dastyari alleged Mr Turnbull had multiple investments in a Cayman Islands tax haven.

Senator Dastyari questioned how it was appropriate for the prime minister of Australia to have investments in Ugland House, which is the listed headquarters for 19,000 companies.

"There is a house in the Cayman Islands, a house where Malcolm Turnbull's money resides," he told the Senate on Wednesday.

The senator listed several investments, including in the Bowery Opportunity Fund, which were publicly declared by the prime minister and linked to the tax haven.

Senator Dastyari has been pushing for major reform to stop multinationals profit shifting and tax avoidance.

He said the Liberal Party went to the "ends of the earth" to protect big business.

Mr Turnbull updated his entry in parliament's register of interests in June 2014, showing he and wife Lucy bought into the Bowrey fund and the CVC Global Credit Opportunity Fund.

At the time transparency campaigners raised concerns about the investments and urged the pair to sell their stake.

In response a spokesman for Mr Turnbull told Fairfax Media: "Income from his investments is declared and taxed in Australia".