The SMSF Party established by Grant Abbott has attracted enough members to enable it to apply for registration as a political party with the Australian Electoral Commission.
The milestone was confirmed via a social media announcement this morning that the organisation had signed up 500 members and comes after a solid mainstream, trade and social media campaign since its inception was made official last week.
Expressions of interest to be a political candidate representing the party at this year’s federal election have now been called for.
Labor’s proposed move to ban imputation credit refunds to certain retirees, with the largest cohort being those running an SMSF, is the major issue that inspired the formation of the organisation and the founder of the SMSF Party again attacked the policy over the weekend.
“It should worry all Australians the imputation credit system is being unwound,” Abbott posted on Facebook.
He continued by suggesting 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.
His comments came in response to federal opposition leader Bill Shorten’s statements accusing 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.