Laws that force wealthy owners of private businesses to divulge their business income and how much tax they paid will do nothing to bring in revenue, but instead are a gross invasion of privacy, advisers say.

Tax advisers to wealthy Australians say most of their clients are European immigrant families who came to this country with little, and have built up their wealth but are not avoiding tax.

Tax message: Search engine Google made a loss of more than $60,000 in New Zealand last year. Credit:Reuters

"They don't spend big and they don't live it up big," says adviser to Australia's richest families, Mark Leibler, who runs law firm Arnold Block Leibler.

He is among a raft of tax advisers that say the tax laws should be scrapped, or at the very least amended to take out private companies.