Just noticed that DOMACOM web site is re displaying an old ATO...

Just noticed that DOMACOM web site is re displaying an old ATO opinion on their website that now features on their "Google" front page today as follows:https://domacom.com.au/the-domacom-fund/ato-opinion-treasury-submission/

IMO Given the ATO in a fairly candid media release of 6/10/18 clarified their position in their statement as follows: http://1v1d1e1lmiki1lgcvx32p49h8fe.wpengine.netdna-cdn.com/wp-content/uploads/2016/10/20160610-ATO-statement-regarding-SMSF-property-investment-platform-media-reports.pdf

IMO,Might be best if domacom clean up their historical web pages and cite the correction by the ATO or remove their post.

The ATO Media Statement of the 6th October 2018 read as follows:Media release 06 October 2016*UNDER EMBARGO UNTIL 10AM AEDT, 6 OCTOBER 2016*ATO statement regarding SMSF property investment platformmedia reportsThe ATO has serious concerns about information contained in recent media articles referring to SMSFproperty investments in the DomaCom Fund, a fractional investment property platform operated byDomaCom.The ATO is particularly concerned that the articles do not accurately reflect the ATO’s position andmisconstrues advice the ATO provided to DomaCom about SMSFs investing in its fractional propertyinvestment platform.Assistant Commissioner Kasey Macfarlane said the ATO does not condone and will take seriousaction with respect to any promotion of SMSF investments as a means for providing present daybenefits for members, their relatives or other related parties. This includes the provision of residentialaccommodation to related parties such as children of SMSF members.“Contrary to statements made in the media, the ATO is not considering the allowing broader use ofSMSF assets beyond the sole purpose of providing retirement benefits for members or benefits fortheir dependants upon death,” Ms Macfarlane said.“Ensuring SMSFs are established and maintained for the sole purpose of providing retirement benefitsfor members and benefits to their dependants on death, as well as ensuring compliance with theregulatory requirements and restrictions that apply to SMSFs, is paramount to the ATO’s role as theregulator of SMSFs.“The use of SMSF property investments as a means of providing residential accommodation to SMSFmembers’ children and other related parties contravenes the requirement that an SMSF beestablished and maintained for the sole purpose of providing retirement benefits for members orbenefits for their dependants upon death.“The use of any SMSF investment as a means for providing a present day benefit for members alsodirectly contravenes other superannuation regulatory rules and restrictions that apply to SMSFinvestments.”Ms Macfarlane said contravening the superannuation laws can have serious consequences for SMSFtrustees.“This includes the requirement to pay significant administrative penalties and the loss of the ability ofindividuals to manage their retirement savings because they are disqualified as a trustee. In the mostserious cases, individuals can possibly lose up to almost half of their retirement nest egg becausetheir SMSF is declared non-complying,” Ms Macfarlane said.“I would urge SMSF trustees uncertain about the regulatory restrictions applying to any investmentsthat they have undertaken or are planning to undertake in their fund to seek independent professionaladvice or contact the ATO.”