Emergence of SMSF Party raises questions

The establishment of the SMSF Party to run for seats in both houses of parliament at the coming federal election has attracted criticism from an industry body.

Self-managed Independent Superannuation Funds Association managing director Michael Lorimer told selfmanagedsuper in his opinion it was “the last thing the SMSF sector needs at present”.

“Superannuation should not be politicised as it is too important within the economic fabric of Australia and should not be represented by a party that only speaks for one sector of the superannuation market,” Lorimer said.

In the meantime, I Love SMSF founder Grant Abbott has continued to rally support for his newly launched political party.

Speaking to 4BC radio in Brisbane today, Abbott said Labor’s proposal to remove franking credit refunds was the driver behind the creation of the party and the issue affected more than SMSF trustees.

He added comments by opposition treasury spokesman Chris Bowen, that people who were unhappy with the proposal could vote against it, treated “the grey vote as if it was nothing … but there are 6 million of us”.

“I am doing this under the banner of the SMSF Party, I have a good right to call it the Grey Party. I have been down the track of lobbying, but they don’t listen,” he said.

He was also critical of the use of franking credit refunds by large super funds, including the industry funds sector, adding the proposal meant there would be a different set of rules for the self-funded retiree sector.

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