Labor to scrap franking credit refund...This will be front page news today...., page-83

Not quite. There is a $1.6M cap for the purposes of the tax free component for over 60's receiving a pension or annuity from their superannuation. The fund itself can have as much in it as you can mange to get by saving and investing.

A 63 year old drawing an annuity from their super fund with a balance of $15million with $12m of that invested in companies paying fully franked dividends would still be able to offset some of the company tax paid against his 15% tax paid on earnings on the $13.4M in accumulation mode.