scroll

Regal Investment Fund (ASX: RF1)

Advanced Search

Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.

Ask a question

The Latest Q&A

Question asked 19/06/2026

Regal Investment Fund (ASX: RF1)

Hi MM, Thanks always for your honest analysis of the market and direct assistance to investors via this Q&A, it's invaluable. I've been a long-term holder of Regal's RF1, an LIC, which has done well since it's IPO and paid out excellent dividends while maintaining some reasonable capital appreciation. Based on your understanding of the budget, would this LIC be captured by the proposed discretionary trust tax changes? I am happy to pay more tax if it's justified and distributed to the 3.6 million Australians living below the poverty line, i.e. not vested interests and rent seekers; I just want to understand the tax implications at this stage.

Answer

Hi Nick,

RF1 is structured as a Listed Investment Trust (LIT), not a Listed Investment Company (LIC). The difference is investors hold units in a Trust rather than shares in a Company.

The proposed change is aimed at discretionary trusts / family trusts, not listed unit trusts. The terminology being used specifically says the 30% minimum tax is proposed for discretionary trusts, while fixed trusts and other non-discretionary structures are outside the scope.

Being a listed unit trust, net income and realised capital gains are distributed to investors, with the end investor paying the tax. The change would impact holders of RF1 where the security is held within a discretionary trust, but that’s at the investor level.

Based on the information currently available, RF1 would sit outside the intended scope of the proposed changes.

chart

Regal Investment Fund (RF1)

LAST UPDATED 17/06/2026 12:15

Latest Reports

Morning report 19/06/2026

ETF Friday: Four unheralded ASX ETFs MM likes into Christmas

The ASX200 ended its 4-day rally on Thursday, with 65% of the main board closing lower after the US Fed held interest rates in its first meeting under new Chair Kevin Warsh, but signalled that tightening may be necessary to rein in inflation. It was a relatively muted session for the local bourse with only five stocks moving by more than 5%, although they were all in the losers' corner, primarily from the gold space.

Afternoon report 18/06/2026

The Match Out: ASX falls on Fed rate-hike risk, oil slides on Hormuz deal

The ASX 200 fell away throughout the session as Federal Reserve policymakers under new chair Kevin Warsh signalled the chance of a rate hike later this year, hitting tech, financials and rate-sensitive growth names. Defensives held up best, with Consumer Staples and Healthcare the only sectors to post a meaningful gain, while Energy, Materials and IT led the market lower. Oil extended its slide as the US-Iran deal on reopening the Strait of Hormuz raised hopes for a quick return of Gulf supply, while gold and iron ore stayed under pressure from firmer US rate expectations underpinning a rise in the $US.