Prime Minister Scott Morrison is standing by his Liberal colleague Angus Taylor after the energy minister admitted to failing to disclose a company he was involved in when he entered parliament.
Mr Taylor has confirmed between 2004 and 2015 he was a director and a shareholder in a company called JRAT International, along with an associate, John Roberts.
"During this time, the company did no business, and earned no income, and I received absolutely no benefit from it," Mr Taylor told AAP in a statement.
He acknowledged JRAT was not among the companies listed on his register of parliamentary interests when he joined parliament in 2013.
"It should have been," he said.
"However, given this company conducted no business during the time I was associated with it, it clearly presented no possible conflict of interest during my first two years in the Parliament."
Mr Morrison agreed.
"There is no suggestion of a conflict of interest," the prime minister told reporters in Melbourne on Saturday.
"There's a suggestion about a disclosure and all should be properly made."
But shadow attorney-general Mark Dreyfus said every member of parliament is required to make disclosures on the register of members' interests.
"Angus Taylor can't get out of it, as he is scrambling to do today," Mr Dreyfus told reporters in Melbourne.
"There is not one law for Angus Taylor."
He said even dormant companies have to be disclosed, and Mr Taylor can't get out of it by saying "this company wasn't doing all that much at the time".
Mr Morrison pointed out that Labor leader Bill Shorten forgot he received a donation from his own union when he first ran for parliament back in 2007.
"So, if the Labor Party wants to talk about those issues, they can, but I don't intend to be distracted by them," he said.
Australian Associated Press