SMSF administration software provider BGL is backing DomaCom’s bid to acquire the Kidman Station pastoral holdings by informing clients about the opportunity to invest.
BGL partner SelfWealth, an online peer-to-peer investment community, is also behind the bid, according to DomaCom.
DomaCom chief executive Arthur Naoumidis said the support from BGL is a great example of innovative businesses co-operating in the financial services industry.
“Coming into the Kidman bidding six months late means a successful bid is a long shot, but with partners such as BGL and SelfWealth believing in our model and helping to promote it, we may actually succeed,” said Mr Naoumidis.
“If we do, it will be the world’s largest successful crowdfunding campaign, quite fitting for the world’s largest cattle property.”
BGL Corporate Solutions managing director, Ron Lesh, said BGL supports innovation and DomaCom’s development of a solution that breaks down high-cost assets such as property into small chunks to give investors access to assets they normally could not buy.
DomaCom reported that nearly 4,000 people had expressed interest in investing up to $55 million in the bid to secure the vast pastoral holdings which comprise 17 properties and three supporting properties in breeding, feedlot and cropping.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 26 Sep 2017ATO set to add new items to SMSF watch listBy Katarina Taurian
- 26 Sep 2017ATO tipped to scrutinise property development and unit trustsBy Jotham Lian
- 26 Sep 2017Statistics reveal full impact of events-based reportingBy Staff Reporter
- 26 Sep 2017Tax advice exemption discrepancy driving away accountantsBy Jotham Lian
- 26 Sep 2017Consultant flags strategies to negate complex ECPI calculationsBy Miranda Brownlee
- 25 Sep 2017Survey results point to major concerns with new reportingBy Miranda Brownlee
- view all
- ATO tipped to scrutinise property development and unit trusts
One big four accounting firm says the ATO has started to zoom in on property development in unit trusts being held in SMSFs and the calculat...read more
- Statistics reveal full impact of events-based reporting
Analysis conducted by SMSF software provider BGL Corporate Solutions has indicated that around 290,000 SMSFs will be affected by the events-...read more
- Tax advice exemption discrepancy driving away accountants
A discrepancy in ASIC’s treatment of licensed and unlicensed accountants in relation to the tax advice exemption instrument is driving acc...read more
- view all