ATO Sole Purpose Test Guidance
DomaCom Limited (ASX: DCL) (DomaCom) is pleased to announce that DomaCom and the Australian Tax Office (ATO) have reached agreement on the conditions under which 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. Please click here for more information.
Further, the ATO have updated their site in relation to the Sole Purpose Test with a guidance paper on fractional property investment. This provides clarity around the compliance approach for the DomaCom Fund. Please click here for more information.