The Australian Taxation Office is analysing a trove of more than 13 million leaked documents covering a complex offshore web of financial dealings involving hundreds of politicians, celebrities and companies around the globe.
Dubbed the Paradise Papers, the documents detail the offshore interests and tax affairs of more than 120 politicians, world leaders including the Queen, celebrities, advisors and donors linked to US President Donald Trump, and more than 100 multinationals.
A consortium of media outlets led by the International Consortium of Investigative Journalists has spent months combing through the documents, which include details relating to the movement of billions of dollars through Bermuda by the Australian arm of the global mining giant Glencore.
Some documents detail legal attempts by Michael Hutchence's business manager Colin Diamond to set up a company in Mauritius in 2015 to use 'sound recordings, images, films, and related material embodying the performance of Michael Hutchence' ahead of the 20th anniversary of INXS singer's death this month.
Among public figures linked to the documents was the Queen's private estate which has millions of pounds invested in the tax havens, the BBC reported.
It is alleged that the Duchy of Lancaster, which handles the Queen's investments, has held funds in the Cayman Islands and Bermuda.
Around GBP10 million ($A20 million) of the Queen's private cash is said to have been tied up in offshore portfolios, the BBC reports.
The ATO has begun analysing the data as part of a wider investigation into complex tax structures used by companies and individuals.
'We know and trust that most people do the right thing, and that many taxpayers identified as part of the leak will be meeting their Australian tax obligations,' the ATO's deputy commissioner international Mark Konza said in a statement on Monday.
'However, we investigate all leads and have the resources and expertise to take action against taxpayers or intermediaries found to be caught-up in the illegal use of offshore structures or providers.'
ATO officials have spent months working with partner agencies in Australia and overseas ahead of the release of the Paradise Papers in an attempt to identify possible tax avoidance.
'We anticipate further data may be published by the ICIJ and the ATO will continue to work closely with other tax administrations to share intelligence on advisers operating globally,' Mr Konza said.
Meanwhile, Treasurer Scott Morrison has dismissed renewed calls by Labor to commit to a tax haven transparency package, which includes rules forcing companies to detail where they pay tax and if they operate in tax havens.
He downplayed the need for such a package, saying the best way to catch tax dodgers was for the ATO and its partners overseas to continue sharing information so they can go after those who are avoiding tax.
'I am not going to do anything that will undermine a key information tool that is actually helping tax jurisdictions not only here, but overseas, to put an end to these type of tax-shifting arrangements,' Mr Morrison told ABC radio on Monday.
But Opposition assistant treasury spokesman Andrew Leigh says unless the government commits to a tax haven transparency package, the public will have to rely on Paradise Papers-style leaks 'to expose the murky use of tax havens'.
Among the Paradise Papers are documents showing how Glencore's Australian division moved billions of dollars through Bermuda using cross-currency interest rate swaps to try and minimise its tax liabilities.
Glencore has said it used the swaps to hedge foreign currency exchange risks, but stopped doing this in 2016 after a ruling by the ATO.
Mr Morrison later told reporters that the ATO had secured $4 billion worth of legal settlements in relation to tax avoidance.
'So my message to multinationals is, 'pay your tax' and increasingly that is exactly what they are doing,' he said.