DomaCom Limited (ASX: DCL), owner and operator of the DomaCom investment platform, has announced that the company and the Australian Tax Office (ATO) have reached an agreement under the conditions that the ATO will not apply compliance resources regarding the Sole Purpose Test (SPT) for an investment by an SMSF into a DomaCom sub-fund that owns a residential property, where a related party of the SMSF may happen to become a tenant.
Conditions are listed below:
- Amendment to the DomaCom Platform to allow trustees to make an SPT Declaration when making an investment;
- The platform will record this declaration and make it available to the ATO and SMSF auditors;
- Amendments to the Product Disclosure Statement (PDS) and Supplementary SPDS for the DomaCom Fund covering the SPT Declaration.
At AEST 01:05 PM, the stock was trading at $0.083 per share, Unchanged against its previous close on ASX.