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.

Labor has seized on ATO data showing 27 millionaires wiped an average $607,000 from their tax bill by claiming the cost of managing their tax affairs. Credit:Louie Douvis

The revenue raised from the move is $200 million lower over the decade than when Labor first released the proposal in 2017. About 90,000 people are expected to be affected.

The policy has upset the accountancy sector, which has warned that while the overall number of people directly affected is small, there will be real issues for anyone facing a large, one-off tax management bill. This includes people going through divorce or dealing with a deceased estate.