In 2011 the Gillard Labor government introduced its Minerals Resource Rent Tax, a tax famous for the wrong reason. It was a "Claytons tax", the tax you have when you don’t want to collect any revenue.

There is a strong chance that for self-managed superannuation fund (SMSF) investors, Labor’s franking credit reforms will give the same result. A potential hole in Labor’s reform through which you could drive a Mack truck could mean your super won’t lose franking credit refunds.