Ann: Woodside Enters FEED for Pluto Train 2 Project, page-14

Most industry superfunds are pooled investment trusts, so would still make sense as the franking credits would be applied across all members reducing their tax payable on contributions and other earnings. Would need to model properly. Also the DTA realised on the capital loss provides a benefit. So never say never after labor introduce this horrid policy. It still makes sense for a 15% tax rate superfund.

Equally, you’ll find most universities have funds that run in the several hundred millions each, usually from bequests that they have had courts overturn and sell the underlying assets. These entities will still get a full tax refund and own shares in WPL and BHP etc. you’ll find they are under custodians and total holdingns would be $100s of millions in BHP and lesser in WPL etc. Unions the same. Billy wouldn’t touch the unions so they keep their franking credit refunds too.