Final divi FY23, page-102

You have just reiterated what I said - thank you

Don 93 is correct - every dollar paid in tax is added to the franking account (& any tax refunds are deducted), The franking account is then reduced by the value of the imputation credits attached to any dividend paid. So, if a dividend is $70k & is fully franked, the reduction in the franking account is $30k. (for a company paying tax at the 30% rate)

Here is an example (from a lodged tax return) for a company (which paid tax in the 2021 year of 26%)

Franking account opening balance 285400
$422000f/f dividend paid (148270) (private company - franking credits at 26%, NOT 30%
June PAYG instalment paid 246683
Sept PAYG instalment paid 109540
December PAYG instalment paid 109540
Refund of tax - 2020 year (19011)
March PAYG instalment paid 79437
$797158 f/f dividend paid (280082) (Ditto - franked at 26%)
Franking account closing balance 383237

PLS pays company tax at 30% (not 26% like the company above) - but the principal is the same

If I recall PLS paid some tax for y/e 30.6.2021 after utilising their available tax losses. They then paid full tax on 2022 results & are probably paying monthly PAYG instalments due to the size & based on the 2022 assessment. I think they should have plenty of franking credits available