Just a thought ... if franking credits become not refundable, won't non-pensioner SMSFs need to have their Investment Strategies rewritten and submitted to the ATO for approval should their current strategy have included the words "franking credits"?
On a Foxtel finance program last night it was said a survey found 31% of trustees did not even know that they had an Investment Strategy, although it was commented that the people that set up the SMSF for them had most likely submitted one on their behalf.
Sounds like the Labor policy, if followed through, will create an avalanche of paperwork.
Cantankerous James.
