From my understanding you are still able to get your franking credits in a SMSF "IF and only IF" you were in pension mode before the 28th of March, that is the way I read some of the details out there.
In an industry fund you will get share of franking credits back from a pooled amount less cost and fees of running the fund.
An industry fund will have 3 or 4 different areas to invest like balanced, Australian shares and high risk and what ever else they have so not all money will be invested in dividend paying shares, and your pooled amount will be paid on that sort of scenario.
I may be wrong but that is the way I see things would go.
Just a quick search and got this article,
"Knowing that some people on the pension also have self managed super funds, Labor has “grandfathered” the arrangements to exempt any SMSF with at least one pensioner or allowance recipient before March 28."
