MFAA campaign proves successful
Revenue NSW has listened to the concerns around its application of NSW payroll tax to the industry, confirming to the MFAA that it won’t start any new audits on aggregators.
In the lead-up to the NSW state election, the MFAA confirmed it met with both sides of government and Revenue NSW, making its position on the application of payroll tax to the industry clear.
The peak industry body has steadily maintained its position that Revenue NSW had incorrectly applied the tax to the industry.
Over the past month, the MFAA set up a campaign to encourage brokers to contact their local government representatives. It’s key objective was to achieve a moratorium on all activities against the broking sector regarding payroll tax in NSW until there was certainty for industry.
In an announcement on Monday morning, MFAA CEO Anja Pannek (pictured above) congratulated Premier-elect the Hon Chris Minns MP on his party’s success in winning the NSW state election on Saturday.
Pannek said she welcomed the opportunity to “quickly resume” constructive dialogue to resolve the payroll tax issue, and that she looked 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,” Pannek said.
She confirmed that the MFAA had held constructive meetings prior to the election, where concerns that the application of payroll tax would threaten broker businesses, affect the financial stability of the industry and choice and competition for borrowers were “firmly and respectfully communicated” to Revenue NSW and all sides of government.
“In those meetings, we sought commitment from Labor, that should it form a new government, that 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,” Pannek said.
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, she said.
“With the election campaign completed, we expect Premier-elect Minns and his 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, Pannek said.
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, she said.
“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,” Pannek said.
“Our industry looks after one another and we’re committed to protecting the interests of the broker industry alongside the new government.”
