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, finance, payments, regulation and emerging technologies. Based in Sydney, he is a former legal and investment banking editor at the AFR and has been a business journalist for more than 20 years. Email James at jeyers@afr.com.au
