By Daniel Hunter

Australian Treasurer Joe Hockey is to introduce a major crackdown on tax avoidance against 30 multinational companies.

In what he describes as the "the first of its kind in the world", Mr Hockey said the crackdown would target "diverting profits earned in Australia away from Australia to no-tax or low-tax jurisdictions".

He also said it was "pretty evident" which firms would be targeted. Multinational corporations like Google, Apple and Microsoft are some of the big names that have previously been accused of tax avoidance.

The UK government has also announced plans to crackdown on multinational tax avoiders, but Mr Hockey says Australia's will go "much further".

The new laws will allow the Australian government to charge tax on profits diverted offshore. If the law is passed by parliament, it would come into effect in January 2016.