More than $1 billion has been raised by new laws preventing off-shore multinationals and wealthy foreign family groups skipping out on their Australian capital gains tax.

The measure, introduced in 2016, was part of an aggressive push from the federal government to shut down opportunities for foreign entities to get their money out of the country before meeting tax obligations.

A crackdown on capital gains tax collection from foreign vendors has netted $1bn since 2016. Credit:Reuters

The law change required buyers to withhold capital gains tax on property sales where the contract price is $750,000 or more.

More than $500 million in CGT assessments has also been captured in compliance and engagement activity by the Tax Avoidance Taskforce over the past two years.