Australia is one of 31 countries to sign an agreement in Paris to confidentially share tax information on multinational companies in a bid to stamp out tax avoidance.
The deal came as Apple took advantage of accounting rules in its local business that could let it pay virtually no tax in Australia on its profits this year. 
On Wednesday night, the Organisation for Economic Co-operation and Development announced 31 countries including Australia have signed the agreement, described as a "game changer" in helping expose multinational tax avoiders.
It will give tax authorities a more detailed picture of multinationals' tax affairs, including income and tax paid in every country they operate in, as well as details about where and what kind of economic activity takes place.
The countries will start sharing data in 2017-2018, based on 2016 data.
The country-by-country reports, which are part of the OECD/G20 plan against tax avoidance known as Base Erosion and Profit Shifting, are only for tax authorities, and not the public.
Governments worldwide, including the Australian government, have been under pressure to release the information publicly. The OECD's head of tax, Pascal Saint-Amans, has said doing so may be misleading, and would have jeopardised agreement from countries.
But Tax Justice Network spokesman Mark Zirnsak said the the key parts of the reports should be made public. "The community needs to know that these companies are actually paying their taxes in the countries where they are really doing business and not on the basis of artificial legal structures."
In Europe banks must provide company revenue, the number of employees, and level of profits and taxes paid on a country-by-country basis, he said. "There is no reason not to extend this to other large multinational corporations," Mr Zirnsak said.
Treasurer Scott Morrison said the agreement signed on Wednesday will give authorities a closer look into transfer pricing affairs, giving the Australian Taxation Office further scope to ensure companies "pay their fair share of tax.
"It is now harder than ever for companies to shift profit offshore by mispricing their dealings with foreign related entities," he said.
Shadow assistant treasurer Andrew Leigh said the agreement was "a belated step in the right direction."
The new laws could see companies with annual global revenue of $1 billion or more hit with double tax, plus interest, for shifting profits offshore.