Multinational companies must pay more tax, the Federal Treasurer has said, after reports more than 700 businesses with a combined income of $500 billion paid not one cent.

Key points: Scott Morrison says full impact of new tax avoidance laws will be reported next year

Scott Morrison says full impact of new tax avoidance laws will be reported next year 732 companies earning a collective $500 billion paid no corporate tax in 2015-16

732 companies earning a collective $500 billion paid no corporate tax in 2015-16 ATO estimates tax avoidance now costing the Federal Government $2.5 billion a year

The Australian Tax Office estimates tax avoidance is now costing the Australian economy close to $2.5 billion a year.

Its latest report shows multinational company ExxonMobil reported a $6.7 billion income while Shell Energy Holdings Australia reported $4.2 billion. Both companies paid no tax.

Mr Morrison said the Federal Government had introduced the "toughest" multinational tax avoidance laws and there were already signs companies had been changing their operations.

"Large multinationals are now completely restructuring how they go about their affairs," the Treasurer said.

"Those changes will see revenues flow into next financial year, which goes beyond the period in this financial year that report was based on.

"The laws have been put in place to deal with the issues that are being raised."

But Labor's shadow assistant treasurer Andrew Leigh said the Turnbull Government talked "a big game" on multinational tax without delivering significant results.

Dr Leigh said the only reason the companies' tax records were revealed was because of transparency legislation passed by Labor in 2013.

"Malcolm Turnbull and his team still believe that cutting company tax rates — and punishing working and middle-class families in the process — should be Australia's top economic priority," Dr Leigh said.

The ATO report was released during the final same-sex marriage vote last week and revealed one-third of large Australian firms and foreign firms paid no tax.

Many commentators expected the report would be released the following day.

ATO deputy commissioner Jeremy Hirschhorn said the 2015-16 figures did not reflect recent efforts to reclaim revenue from multinationals.

"In the last financial year alone, we issued more than $4 billion in amended assessments relating to prior years to public groups and multinationals, and we have already issued a further $1 billion in amended assessments this financial year," he said in a statement.

"These amounts are not reflected in the corporate tax transparency data."

Mr Morrison said the Federal Government remained committed to ensuring companies paid their fair share of tax.

"I think every multinational should pay the tax that they should be paying on income they are earning here," Mr Morrison said.

"That's what our laws are designed to achieve."