"largely unaffected" is interesting. Does this mean that imputation credits to the funds are currently not returned to holders of accounts comprising Australian shares, but are applied to offset fund taxation generally ? And without those imputation credits, how will the taxation obligations be met ? Ironic that the higher the taxable income, the higher the imputation credits. The very wealthy will reconfigure for full refunds, those reliant on the credits to self-fund retirement are losers.