45 day rule explained on Roger Montgomery Insights web blog.
http://blog.rogermontgomery.com/dividend-stripping-%E2%80%93-a-strategy-to-make-money/
A warning to eager dividend strippers: If you are going to make more than $5000 in franking credits (equivalent to 5% on $100,000) in the same tax year, you need to appreciate the 45 day rule. In such circumstances you need to own the shares for 45 days, excluding the buy and sell date, to qualify for the franking credits and you can’t hedge away the stock exposure with futures, options or CFD’s.
tlscd, page-13
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