Multinational oil giant Chevron has been hit with a tax bill of about $300 million after losing a landmark profit-shifting case that could have global implications for the way tax is assessed.

The Australian Tax Office's case in the Federal Court case has been closely watched by the tax and business community, and will give the ATO greater confidence to challenge other multinationals about their tax affairs.

Labor senator Sam Dastyari, who has been outspoken against profit shifting by multinationals, said: "This is good news for Australian taxpayers and the Australian tax base." Credit:Daniel Munoz

The decision comes as the ATO has another audit underway relating to a $35 billion loan that Chevron has used in relation to the Gorgon gas project.

Chevron is considering whether it will appeal the Federal Court decision. A spokesman for the company said. "Chevron does not intend to comment further while appeals are being considered," he said.