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Compliance & Regulation, Investments

New political party to represent SMSF sector

A political party has been launched to look after the interests of SMSF trustees in the wake of Labor’s proposed changes to the imputation credit system.

Sector strategist and stalwart Grant Abbott established The SMSF Party in January with the intention of fielding candidates for both houses of parliament in the coming federal election.

“The party is to grow, preserve and protect SMSFs and also superannuation in Australia,” Abbott said.

“Lobbying activities are not going to work. This is the only way forward I can see that will allow a meaningful shift so that people will actually listen to us.”

The newly formed party has now attracted enough members to enable it to apply for registration as a political party with the Australian Electoral Commission.

The SMSF Party required a minimum membership base of 500 and this milestone was reached earlier this month.

Expressions of interest to be a political candidate representing the party at this year’s election have now been called for.

“It should worry all Australians the imputation credit system is being unwound,” Abbott said.

Further, he suggested the move could be the first of many to change the way the imputation credit system operates as it does today.

“Will non-refundables turn into 75 per cent credits and then 50 per cent?” he said.

Federal opposition leader Bill Shorten recently accused the government of defending the “crazy principle” of delivering tax refunds to people who pay no tax.

According to Shorten, the current imputation system meant the government was borrowing money to pay the tax refunds.

Details of the party and its political platform can be found at www.thesmsfparty.com.

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