Standing up for brokers has been our commitment for over 30 years, and that hasn’t changed—even as we navigate complex industry challenges like payroll tax. Here’s the latest update from Sam White as he spoke at a parliamentary inquiry today on how the NSW Supreme Court’s decision affects brokers and small business owners across the country.
Helping grow businesses. Advocate for a competitive mortgage market. Fighting for a fair go for customers.
Today, I had the opportunity to speak at the parliamentary inquiry into payroll tax, advocating on behalf of brokers and small business owners across Australia. The recent decision in our case against Revenue NSW has left the mortgage broking industry facing serious challenges. As aggregators, we’ve worked through a highly complex and burdensome process, but it’s our brokers – many of them sole traders and family-run businesses – who are now feeling the greatest pressure. This is a tax on their revenue, not their profit, and for many, including us, it’s unsustainable. We will cover the historical liabilities, but from FY25, this cost will be passed on. Because, across the board, if we did not have exemptions the imposed payroll tax would absorb 60% of the annual revenue we earn. At Loan Market Group, we support over 5,000 brokers, but this issue is affecting small businesses across the entire industry. And beyond brokers, it’s Australians who will ultimately feel the impact. Today, 76% of Australians rely on mortgage brokers to help secure a home loan and get a fair go with their finances. We are working closely with our brokers to help assess their exemption status under the current framework, but we are also continuing to advocate strongly – alongside the MFAA and CAFBA – for greater clarity, or change, to ensure this tax is applied fairly. We will keep standing with our brokers to fight for certainty, fairness, and the future of small businesses across this industry. #brokersworkforyou #loanmarket #lmg