Anthony Albanese's government comes under fire over franking credit tweaks trends now

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Anthony Albanese has been accused of breaking yet another election promise as his government pushes new franking credit tax laws that will affect Australian shareholders.

The Prime Minister has already copped political heat over his contentious new superannuation tax policy and now he's facing a new political battle over franking credits - a policy that cost Labor the 2019 election. 

The government introduced a bill last month that seeks to restrict the ability of companies to distribute franking credits to shareholders as part of a share buyback or capital raising.

Debate on the bill is resuming on Tuesday, with shadow treasurer Angus Taylor accusing Labor of breaking yet another election promise.

Franking credits are tax credits that prevent shareholders from being taxed twice.

The scheme gives tax credits to shareholders on their dividends, taking into account how a corporation they have invested in has already paid the 30 per cent company tax.

Mr Albanese had previously ruled out major changes to both superannuation and franking credits. 

But Labor's proposals would affected those aged over 75 and superannuation funds.