Federal Treasurer Scott Morrison. Picture: Mick Tsikas

More than 800 Australians are now under investigation and political leaders including Russian President Vladimir Putin have been named in the more than 11 million documents leaked from secretive Panama-based law firm Mossack Fonseca.

Mr Morrison says the government is cracking down on multinationals, reaping $400 million in revenue in recent years from acting on sources and information received by the Australian Taxation Office.

The government has agreements with more than 100 countries to swap information to crack down on tax avoidance while laws to strengthen the system passed parliament in December — despite Labor voting against them.

“Our record when it comes to tax avoidance and particularly multinational tax avoidance is one of legislation and action,” he told ABC radio on Monday.

“The Labor Party voted against laws to crack down on multinationals — explain that to me.” The tougher laws require multinationals with a turnover of $1 billion or more to provide detailed accounts of their tax arrangements while private companies with a turnover of $200 million are required to provide detailed public accounts.

The ATO is examining the dealings of 800 Australian high net worth individuals and has linked more than 120 of them to an associate offshore service provider situated in Hong Kong, The Australian Financial Review reports.

“Some cases may be referred to the serious financial crime taskforce,” ATO deputy commissioner Michael Cranston told the newspaper.

Labor frontbencher Sam Dastyari says the revelations show a broken tax system and a “cat and mouse game”.

“What is so concerning is that some of this activity may even fall within the law,” he told ABC radio.

Tax avoidance was not a victimless act, because every dollar that was siphoned off didn’t go into Australian schools or hospitals.

The tax office must be congratulated for taking a strong stance, Senator Dastyari said.