DomaCom Australia Ltd (ASX:DCL) has integrated its platform with BGL Corporate Solutions Pty Ltd, Australia’s leading self-managed superannuation fund (SMSF) administration solution.
Following the integration, SMSFs’ accountants are now able to receive automated transactional data feed into their Simple Fund 360 software from the DomaCom platform.
BGL provides SMSF administration to 60% of Australia’s 600,000 SMSF’s and the company has implemented a seamless data interface with DomaCom which will allow 200,000+ SMSF’s to use the DomaCom Fund.
“Excited to partner with BGL”
DomaCom CEO Arthur Naoumidis said: “DomaCom is excited to partner with BGL on efficiently delivering the benefits of our innovations to Australia’s self-funded retirees.
“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 SMSF’s.”
A major milestone
According to DomaCom, the integration with BGL is a major milestone as it is built upon the Australian Tax Office (ATO) ruling on downsizer contributions last year.
Specifically, the ATO’s Administrative Binding Advice confirms part disposal of a home for downsizer contributions and it means that a person can dispose of part of their home under DomaCom’s Senior Equity Release platform and be eligible to make a downsizer contribution.
The ability to contribute the proceeds of downsizing part of a home into superannuation was one of several measures announced in the 2017-2018 budget to reduce pressure on housing affordability in Australia.
BGL managing director Ron Lesh said: “BGL has been at the forefront of innovation in the delivery of SMSF administration solutions since 1997 and I am pleased to welcome DomaCom to the BGL family to help our clients support their self-funded retirees.”
The company
DomaCom owns and operates a fractional investment platform that provides solutions for SMSF’s, retirees and new home buyers.
Using the DomaCom platform, investors can make fractional investments in a range of asset classes including property-related investments, mortgage-backed securities, renewables, affordable housing, disability accommodation and debt securities via a unique trust structure tailored to them.