The franking credits are not lost, the value of them maybe eroded to the recipient. So if labour gets in then they can only be applied if u have a tax liability...ie paye workers...accumulation phase of super.
But if have zero tax envirnoments ie pension phase of super or retires that dont pay tax. Then they wont be able to claim the refund on the excess credits as they have no tax liabilities.
Franking credits 60m, page-3
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