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.
Recommended for you
Having unsuccessfully tried to acquire Pacific Current Group last year, GQG Partners has agreed to acquire three of its US-based affiliates.
The central bank has announced its second interest rate decision since a major revamp.
Over three-quarters of consumers say they would be more likely to invest in products that were verified by an independent source as being responsible, with greenwashing fears on the rise.
Boutique Australian-owned fund manager, Prime Value Asset Management, has appointed a new director of distribution.