Prime Minister Scott Morrison is standing by his Liberal colleague Angus Taylor after a report accused the energy minister of failing to disclose a business he was involved in when he entered parliament.

According to Sky News, documents show Mr Taylor was a director and 50 per cent shareholder of JRAT International until the September 7 2015, after he entered parliament at the 2013 election, but this was not disclosed on the parliamentary register.

Mr Taylor admitted to Sky News he was still a director and a shareholder of JRAT during his first two years in parliament, but says the business conducted no business during this time, it earned no income and he received no benefit from it, and as such presented no possible conflict of interest.

"There is no suggestion of a conflict of interest," Mr Morrison 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 says 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 later by saying "this company wasn't doing all that much at the time".

Mr Morrison said if Labor wants to make a fuss of the non-declaration, it should reflect on when its 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.