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
Financial advisers will have access to private equity investments run by WTW for the first time as it launches a pooled fund to provide savers with access to traditionally institutional assets.
Three solutions providers – Betashares, Franklin Templeton and Russell Investments – have all launched new ETF products, including one range which uses gearing to help build wealth.
Platinum Asset Management chief executive, Jeff Peters, has shared a progress update on its newly announced turnaround strategy.
There is a role for advisers using inflation-linked bonds in portfolios, according to AXA IM, as the possibility of higher inflation necessitating another US rate hike is not out of consideration.