The SMSF Party launched, seeking at least 500 members

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A prominent member of the SMSF industry has launched a political party: The SMSF Party.

“The SMSF Party aims to promote and foster the growth of Self-Managed Super Funds (SMSFs) while protecting the current benefits of existing SMSFs and their members,” says the website of The SMSF Party.

Update: The SMSF Party won’t be registered in time for 2019 election

“The SMSF Party aims to promote and foster the growth of Self-Managed Super Funds (SMSFs) while protecting the current benefits of existing SMSFs and their members,” says the website of The SMSF Party.

“These benefits include contributions caps, franking credits, borrowing in super, related party loans and ensuring the opinions and concerns of members, Trustees, advisers, brokers, auditors and accountants are heard.”

The Party Leader is Grant Abbott, who describes himself on twitter as “Australia’s leading SMSF writer, presenter, trainer and strategist”.

Having at least 500 members is one of the eligibility requirements for a party to be registered with the Australian Electoral Commission (AEC). A Federal Election is widely expected in May, after the Government moved the Budget to April.

Update: The SMSF Party says it now has exceeded the 500 members needed to start the party registration process with the AEC.

“Led by industry leading expert, Grant Abbott, this is your opportunity to influence the policies of the executive and legislative branches of government in Australia. This will include endorsing candidates for Senate and House of Representatives elections, who will where elected to office, work to further the ideas and values of The SMSF Party,” says the website.

Seemingly, a particular focus of the Party will be getting members elected to the Senate in order to stop Labor’s policy of stopping most refunds of excess franking credits. Before announcing the launch of the Party, Mr Abbott had tweeted that there was “absolutely no way” Labor would change its franking credit policy and that “no amount of lobbying will impact them”.

“The only way, if you ask me is to get numbers in the Senate to amend it,” he tweeted.

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