Labor crackdown on large tax advice claims to hit millionaires

Labor will use official data showing 69 people who earned more than $1 million in a single year were able to wipe out their tax obligations, in part by claiming pricey accountancy fees, to press ahead with plans to stamp out the practice.

New costings of the ALP’s plan to limit to $3000 the amount an individual can claim for the cost of managing their tax affairs show the policy will raise $375 million over the next three years and $1.6 billion over the coming decade.