DomaCom pleased with revised MIT legislation
DomaCom has welcomed revised managed investment trust (MIT) legislation which has removed a residential property prohibition.
The firm said it believed that the proposed legislation was a “robust solution” that would ensure the approximate tax was paid by foreign investors while still allowing MITs to be rightfully utilised for the investment into residential rental stock.
“We are pleased that the revised legislation has removed this prohibition and instead has addressed the potential tax leakage by foreign investment into residential properties by adjusting the withholding tax regime and ensuring that foreign investors pay their fair share of tax,” the company said.
“DomaCom can now proceed with its business model of allowing investors to fractionally invest in residential properties across Australia.
The Government released draft legislation titled “Removing tax loopholes”, which included measures that addressed the tax leakage of foreign investment into residential and rural property.
AUTHOR
Oksana Patron
Recommended for you
Australian fund managers are actively seeking to launch Cayman versions of their funds to attract offshore flows, with Regal Partners set to launch its latest offering this month.
As private markets gain traction in Australia but only a limited pool of talent is available, three recruiters explore whether fund managers should consider looking overseas to find top talent.
With an explosion of private credit managers appearing in the market, two alternatives experts believe a consolidation is needed to maintain the quality of the sector.
Bentham Asset Management has become the latest fund manager to expand its distribution team as it reports increased interest in its credit strategies.
