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
Magellan fund manager Arvid Streimann has resigned after an investigation into allegations he had a workplace relationship with a junior employee.
Clime Investment Management has sold a portion of its retail client book to an external financial planning practice for $1.6 million in its latest cost-out move.
In his inaugural address as L1 Group chief executive, Julian Russell has outlined his vision and priorities for the newly-merged $16.7 billion business but warned fund outflows will continue for 18 months.
Ten Cap has announced it will launch its first active ETF on the ASX later this month, expanding retail access to its flagship Australian equities strategy.
