Proposal to abolish refundability of Franking Credits, page-243

And from https://www.aph.gov.au/~/media/05%20About%20Parliament/54%20Parliamentary%20Depts/548%20Parliamentary%20Budget%20Office/Publicly%20released%20costings/Question%20on%20Notice%20No%204.pdf?la=en

"The PBO considers that the behavioural assumptions used in the costingare similar to the illustrative behavioural responses discussed by Rice Warner inregards to self-managed superannuation funds."

And from https://www.aph.gov.au/~/media/05%20About%20Parliament/54%20Parliamentary%20Depts/548%20Parliamentary%20Budget%20Office/Publicly%20released%20costings/Question%20on%20Notice%20No%202.pdf?la=en

"As noted in the response, there are also significant uncertainties around thebehavioural responses of affected individuals, superannuation funds and companies to the proposal. The PBO notes that all policy costings, no matter who they are preparedby, are subject to uncertainty."

Rice Warner come up with $550 million a year less so we can see the level of uncertainty involved.