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Excess franking credits ARE paid back to individuals (and super funds).
If Taxpayer A has tax payable of $1,000 and franking credits of $1,500, then they pay $0 tax and they will get $500 from the ATO.
If taxpayer A has tax payable of $0 and $1,000 in franking credits, then they will get $1,000 from the ATO.
Cdchi1
