For a fund with pension balances over $1.6 million, the average franking credit refund has gone from $19,470 in 2017 to $18,333 in 2018.

The data also showed that 77 per cent of SMSFs have balances under $1.6 million.

BGL managing director Ron Lesh said that some of the behaviours by SMSF trustees, particularly those with larger funds, have already changed in response to Labor’s proposal to remove cash refunds for franking credits.

“BGL analysed the data for three types of SMSFs: those in full pension mode, those in part pension mode and those in accumulation mode,” Mr Lesh said.

“The data clearly shows larger SMSFs have already changed their investment strategy to reduce franking credit refunds.”

Mr Lesh said that Labor’s policy was a “ticking time bomb” for the superannuation industry.

“People who have saved all their lives, put their money into super as successive governments have told them, are now having money taken out of their back pockets. The proposed policy is simply unfair,” he said.