Regarding tax and franking credits, when SFX starts paying...

Regarding tax and franking credits, when SFX starts paying actual tax to the ATO (not balance sheet tax), franking credits start to become available to Australian residents. That's good to know to work out an effective dividend yield, if you're Australian.

Unfortunately for company valuation purposes, ASX companies are majority-foreign owned, or significantly so. As such these companies do not receive franking credits and therefore franking credits do not really fully reflected in company valuations/share price. Academic research has been undertaken to work out the influence of franking credits to ASX dividend paying companies. It depends on the actual ownerships - but one school of though is, it's the marginal buyer/seller that dictates, another school of thought is it works closer to an average of the market participants. If the latter is more at work, than some share price uplift occurs, but not at the equivalent 30% franking level. Bottom line - you just can't wave the tax element away with your hands and pretend it doesn't exist with respect to a share price valuation.