Accumulation members of industry funds will continue to benefit as they pay tax which will continue to be offset with franking credits. A pension phase member of an industry does not pay tax will continue to not pay tax for which franking credits can be offset against. Occam identified "Pension phase" with in original post.
Quoting AFR.....
This is because these funds have lots of members who are still in accumulation phase and therefore paying tax. They will continue to make full use of all of the franking credits they receive, whereas SMSFs have only a few members and, if in pension phase, have no tax liabilities to offset. Without refundability, their excess credits will simply go to waste.
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Accumulation members of industry funds will continue to benefit...
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