The investment offerings and retirement solutions provided by specialist fractional property manager DomaCom have now been successfully integrated with BGL Corporate Solutions’ SMSF administration facility, Simple Fund 360.
The move means an automated data feed will now exist between the DomaCom funds and Simple Fund 360 application. It is estimated the arrangement will allow more than 200,000 SMSFs access to DomaCom products.
“DomaCom is excited to partner with BGL on efficiently delivering the benefits of our innovations to Australia’s self-funded retirees,” DomaCom chief executive Arthur Naoumidis said.
The integration will allow users of Simple Fund 360 access to DomaCom’s Senior Equity Release platform, which gives retirees the ability to sell part of their residence to meet any cash shortfalls in retirement.
An ATO Administrative Binding Advice last year determined proceeds derived from the partial sale of a residence via the DomaCom Senior Equity Release platform could also be used to make a downsizer contribution to an SMSF or other super fund.
“The ability for retirees to support themselves by modifying their personal balance sheets and moving some of the financial resources tied up in their homes to their super funds will enable them to enjoy a better retirement. Thanks to our partnership with BGL, they will be able to do this with the knowledge that their accountants can efficiently administer their SMSFs,” Naoumidis noted.
The ability to make downsizer contributions was introduced as part of the 2017/18 federal budget and allowed individuals who sold their primary residence to make a contribution of up to $300,000 from the proceeds of that sale to their superannuation fund.
The provision was legislated in December 2017.
Under the legislation, this type of contribution can be made regardless of whether the individual in question has reached the total super balance threshold of $1.6 million, which would normally prevent them from making any further non-concessional contributions.
