Multinationals hit with $750m in tax

Multinational companies and wealthy people have already been stung for $750 million in unpaid tax under the federal government's new regime, the treasurer has revealed.

After raising the sum in the first quarter, Scott Morrison projects up to $3 billion over the current financial year will be recovered in tax due to the government's recently passed tax avoidance laws.

Australian Taxation Office data last week showed 732 companies paid no tax at all during the 2015/16 financial year.

Mr Morrison said the Tax Avoidance Taskforce and associated new laws had reaped $750m from multinationals, wealthy Australians and associated groups such as trusts.

"We put in place (the regime) to make sure when people earn in Australia, they pay their fair share," Mr Morrison told News Corp journalist Miranda Devine on her web-based show on Tuesday.

The Turnbull government has argued it has taken significant action to shut down loopholes and tackle tax avoidance head on.

That includes introducing a Diverted Profits Tax and establishing the Taskforce in the Australian Taxation Office (ATO).

Mr Morrison said 560 Australians and trusts were under close review from the ATO, while 34 companies had restructured their operations to fall in line with the new system.

On income tax cuts, the treasurer refused to say if they would be included in the May budget, pointing out there are two budgets scheduled before the next election is due.

"We'll be working hard to ensure we can deliver those in a way that doesn't put back into risk the budget being in balance," he said.