Where to now for long term investors of Telstra, page-9978

Okay that statement was a little ambiguous.. let's explore.

What do you think unfranked dividends are?
Yes, that is right.... dividends where no tax has been paid by the company.

Which part of the gross dividend amount do you think is taxed?
That right, gross dividend is the full amount before tax.

It is the gross dividend that is due to a shareholder.
Sometimes there is a tax credit if tax was paid on it ( franked ) and sometimes there is no tax credit because no tax was paid on it ( unfranked )

Now of course the confusion comes in because there is a difference between the tax liability of the company and the tax liability of the shareholder.
For unfranked dividend the company did not have a tax liability on the profit for whatever reason.... however the shareholder may still have.
OR vice versa like with people on 0% income.

At the end of the day.
Gross dividend is taxed either in the hands of the company at company tax rate OR in the hands of the shareholder at income tax rate, once.