ATO not to appeal landmark DomaCom SMSF Ruling

From
Arthur Naoumidis

Arthur Naoumidis

The Australian Government Solicitor advised DomaCom’s Lawyers that the Commissioner will not be applying for special leave to appeal the recent Full Federal Court decision that an investment by an SMSF in units in a DomaCom sub-fund did not breach the Sole Purpose Test as a result of  the daughter of the SMSF member becoming a tenant of the underlying property in the circumstances described in the reasons of the Full Federal Court dated 10 August 2018.

DomaCom CEO, Arthur Naoumidis, said: “This is a milestone in our efforts to allow our own superannuation to help us address the housing affordability crisis affecting many Australians.”

“DomaCom will now focus on addressing the remaining related trust issues identified by the Full Federal Court by reviewing our constitution and disclosure documents to address these items with respect to future sub-funds.”

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