Of the 175 companies,which are believed to include household names in the technology,mining and energy sectors,the ATO has now sent warning letters to 136 multinationals which may be subject to tough penalties as a result.
Of the first 25 that have been reviewed or audited there is a"medium-to-high probability"that at least five will be hit with tax bills.
The ATO has invited suspect companies to come forward to discuss their offshore financing arrangements and many have responded by restructuring their tax arrangements in response to the new laws.
"While there are cases under audit for the MAAL,our primary focus at the moment is working through the population potentially subject to the MAAL,"deputy commissioner Mark Konza said.