Labor to scrap franking credit refund...This will be front page news today...., page-86

Shorten is not pretending it only hits SMSF's at all. He has said it will affect 1.2 million taxpayers. He said 50% of the refund cheques go to the top 10% of SMSF accounts. Another large portion to the other 90% of SMSF's. 14k full pensioners and 200k part pensioners affected. To say that he is pretending it only affects SMSF's is ridiculous. You have been told this many times on other threads but you continue to post this nonsense. As another says further down in this thread, your simplified version of the 1.6 cap stopping large refunds is not true either.

The reason it MAINLY affects SMSF's is because the pensioner holds the shares in their name which gives them direct access to the refund of the franking credit.

Most others in retail funds, especially annuities, do not own the shares, the company that owns the fund does. They (the company) get the franking credit and offset against their tax liability. They then pass on your proportion of the dividends and franking credits and credit your account. 92% of taxpayers are unaffected by this change according to PBO analysis.

All imo