Mortgage brokers are outraged with the NSW government, declaring that moves by the state’s revenue authority to levy payroll tax on mortgage aggregation services will force some brokers out of business.
Broking industry sources estimate backdated payroll tax and penalties could cost the average sole-trader mortgage broker in NSW $68,000 or about one-third of their pre-tax earnings.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
