A tax boost of $10 billon over a decade could be used to build 10 hospitals,200 big schools and Sydney's light rail network five times over.
"Not only does this result put more revenue back to the Australian people,it also strengthens the ATO's position in pursuing other arrangements where multinationals seek to dodge Australia's transfer pricing rules,"said Ms O'Dwyer.
The US company had launched an appeal over a $340 million federal court decision on its transfer pricing methodology but discontinued it earlier this week.
Transfer pricing refers to the way in which divisions of a company transact between themselves.