The nation's tax lobbies say they are happy with the Abbott government's decision to exempt private companies such as James Packer's and Gina Rinehart's from reporting their tax affairs because otherwise rich business owners may go into hiding.

James Packer's Consolidated Press Holdings is among about 700 private companies that will be excluded from having their tax details published by the Tax Office under draft laws released by the Abbott government which are currently undergoing consultation.

Gina Rinehart's company could have been caught up in laws requiring companies to give detailed information about their tax affairs. But the Abbott government wants to exempt private companies. Credit:Bloomberg

Fairfax Media has obtained a number of submissions to Treasury, with the major tax bodies in sync about a carve out for private companies being necessary.

The Tax Institute expressed concern that by publicly disclosing the tax affairs of private companies there was a risk that private information of individual owners would then be sought via searches of Australian Securities and Investments Commission public registers.