Franking Credits, page-183

Squid, you are correct that the franking credit tax would have been retrospective in effect and no grandfathering was offered.

The dumb Labor proposal was even worse because it was discriminatory against SMSF members. Superannuation members in industry funds were still going to get the benefit of the franking credit refunds with a tax credit whereas SMSF members were to be denied the same benefit because it was in cash. That just showed how stupid Chris Bowen was and demonstrated he was not fit and never will be fit to be Treasurer of Australia.