investor services clarification, page-24

Coppertop

I'm not sure about the example of ANZ. I think there's a fundamental difference between
1. A dividend paid by the company which comes from income of the company that has already been taxed in the company's hand and becomes income in the hands of the sharholder when recieved (with franking credits if appropriate); and
2. A distribution from a Trust which is distributing income for the financial year, to be taxed in the hands of the beneficiary/unit holder in the financial period for which it is distributed.

Not an accountant or a tax lawyer, but I suspect that's where the difference arrises.