DomaCom seeks determination in Federal Court
Australian Securities Exchange (ASX)-listed fractional investment fund manager, DomaCom’s subsidiary, has supported an action in the Federal Court for a declaration that its sub-funds are not inhouse assets or related trusts for the purposes of the Superannuation Industry (Supervision) Act 1993 (SIS).
According to DomaCom, the ruling would confirm that self-managed super funds (SMSFs) could invest in property sub-funds where the tenant of the underlying property is a related party of SMSFs.
DomaCom’s chief executive, Arthur Naoumidis, said: “The ability to use superannuation to help people into a home is clearly a topical issue in Australia and it is our belief that the DomaCom Fund can play a key role in solving this issue whilst still protecting the assets of the SMSF.
“The unique arm’s length structure of the DomaCom fund protects the SMSF assets whilst generating commercial rates of income and capital return that the underlying residential property delivers.”
AUTHOR
Oksana Patron
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