Labor and the Greens want to force hundreds of private companies to publicly report how much tax they pay in a bid to ensure they are stumping up their fair share.
An amended Labor bill requiring private companies with turnovers of $50 million and above to annually release their tax information to the public cleared the Senate on Monday.
Opposition frontbencher Doug Cameron said the government hated tax transparency, arguing government services couldn't be paid for without fair and balanced taxation.
"Almost everyone recognises tax transparency improves accountability," Senator Cameron said.
The Abbott government set the threshold at $200 million in 2015, dumping the previous Labor administration's push for companies with $100 million to report their affairs.
The Greens, who did a deal with the government to set the threshold at $200 million in 2015, got the support of Labor to change its bill to set the revenue trigger at $50 million.
One Nation, Centre Alliance and independent Tim Storer also supported the lower threshold.
Liberal senator Jane Hume said the irrational move would create unnecessary red tape for businesses.
"It's a violation of privacy that is a craven attempt to further demonise the embattled business community," Senator Hume told parliament.
It comes as the government continues to lobby crossbench senators to support its 10-year plan to reduce the corporate tax rate to 25 per cent.
The tax threshold bill will now go to the House of Representatives where the government has the numbers to defeat it.
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