This news item by Robert Gottliebsen (dated 19 Aug) apparently escaped most commentators in the run up to the election, the reality is that few understand it. Suggest reading the whole article but this excerpt explains the hit to franking credits....
"......So a superannuation fund obtains a franking credit equal to the tax paid by the company. Those franking credits are currently calculated at a tax rate of 30 cents in the dollar. When the Abbott-Hockey plan is introduced the franking credits will be calculated on the basis of 28.5 cent in the dollar. They are worth less and so the retirees and those saving to pay for retirement cop the bill because Abbott and Hockey have simply swapped a tax for a levy aiming to lower the franking credit."
