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.

Related News:

“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.




Related Content

Parliament “puts the acid” on underperforming trustees

Federal Parliament has started to act against superannuation trustees overseeing underperforming funds or products, yesterday finally passing the Trea...Read more

DomaCom secures $50m debt facility from La Trobe

DomaCom has announced its partnership with La Trobe Financial, under which investors will be able to use A$50 million credit facility.The initial faci...Read more

DomaCom sees opportunity in ALP policy

Fractional investment property firm DomaCom is suggesting that the election of a Labor Government may make its platform one of the few remaining legal...Read more

Author

Comments

Add new comment