The MFAA has today announced that it has received confirmation from Revenue NSW that it will not commence any new audits connected to aggregators in regard to payroll tax, as requested by the MFAA and its members.
The MFAA has met regularly with all sides of government and with Revenue NSW in the lead-up to the state election to make clear its position that the industry believes Revenue NSW has incorrectly applied the tax to the industry.
Over the past month, the Association also spearheaded a campaign to encourage brokers to contact their local representatives, with the key objective of achieving a moratorium on all activities against the broking sector regarding payroll tax in NSW until there was certainty for industry.
The MFAA congratulated Premier-elect The Hon Chris Minns MP on his party’s success in the New South Wales State election on Saturday, welcoming the opportunity to quickly resume constructive dialogue to resolve the payroll tax issue.
MFAA Chief Executive Officer Anja Pannek said she was looking forward to working alongside the new Government on matters affecting a significant industry for the State.
“With the election result now clear and the election campaign completed, we are pleased to have received written confirmation from Revenue NSW that no new action will be taken against aggregators,” Ms Pannek said.
“We held constructive meetings prior to the election where we firmly and respectfully communicated our concern to Revenue NSW and all sides of Government that the application of payroll tax threatens broker businesses, the financial stability of our industry, and choice and competition for NSW borrowers.
“In those meetings, we sought commitment from Labor, that should it form a new Government, it would suspend all activities against the broking sector in NSW by Revenue NSW, by way of a moratorium, until there is certainty for industry.
“In those meetings and publicly, NSW Labor clearly committed to engaging with industry to look at ways to ensure payroll tax requirements are transparent and clear.
“With the election campaign completed, we expect Premier-elect Minns and his new Government to make good on those commitments.
“As such, we expect that the resolution of this issue will be a priority on the new Government’s agenda,’ Ms Pannek said.
Ms Pannek also thanked the thousands of brokers in New South Wales, and nationally, who made their voices heard over the past month during the MFAA’s campaign for brokers to write to their local MPs and candidates in the leadup to the election.
“With payroll tax laws harmonised across most Australian states and territories, this is not just a NSW issue, it is a national issue.
“Our campaign has been incredibly successful in making so many voices heard in a pivotal time. Thousands of brokers put their hands up and made it known that this tax was harmful to the industry, their business and to their customers' access to credit,” Ms Pannek said.
“Our industry looks after one another and we’re committed to protecting the interests of the broker industry alongside the new Government.”
