Labor to scrap franking credit refund...This will be front page news today...., page-81

$800,000 shares could earn $42,000 dividends (fully franked) that would mean franking credits of $18,000. Some of this would be used to pay off tax owed and the remainder (under the current system) would be refunded as cash. If this money was in a superannuation anuities where there is zero tax the entire $18,000 would be added to the account holder and boost the balance of the value of the annuity.

So, a $5,000 cap would knock $13,000 of the credit added each year to the account concerned.