Multinationals face govt tax crackdown

The federal government will legislate to crack down on tax avoidance by 30 multinational companies.

"These companies are diverting profits earned in Australia away from Australia to no-tax or low-tax jurisdictions," Treasurer Joe Hockey told reporters in Canberra on Monday.

The draft laws will be released at the time of the federal budget on Tuesday.

Mr Hockey would not nominate a specific figure the government was hoping to recover under its crackdown.

"I am not going to make the same mistake that Labor made and bank money that is not identifiable," he said.