From Duck to super QBE !!, page-81

Hi EBM2

If you are worried about paying tax on dividends, I am more than happy to relieve you of your liability. I will supply you with my banking details and you can pass on these dividends to me. I love paying taxes. The more I have to pay the better. Your argument reminds of people who leave their money in a cheque bank account because they don't want to pay tax on the interest. If you want to compare us to the rest of the world, you also need to compare PE rates. Not uncommon in the USA to have PEs at 40 or 50. So, hey presto you dividend return is low.
All companies go through a growth stage to then plateau. (there are exceptions - ie keep growing and some high flyers go bust.)
You don' t expect dividends whilst they keep on growing ( that is if they are growing at a high rate). Once they begin to plateau, you should expect a high dividend payment - not expecting but demanding.)
Imagine if you had invested in CBA at $5 when they listed (I did and sold them at $7.50 and thought I was a great trader.) Along the way, you would have earned a dividend return that has grown to over 50% of your investment. And fully franked. Boo hoo you would pay 15% tax on them. HIGH DIVIDENDS HIGH GROWTH.
Take CSL and Cochlear - both listed at $2 (I got an opportunity to invest in both and declined, shows how good my judgement is.). Different from banks, capital required to be re-invested, and they are still growing. HIGH GROWTH LOW DIVIDENDS.
Take AMP, they have a dividend payout out policy of maximum of 80%. Ever since they listed they profit per share has declined. Year in, year out they have burned capital. Ethically, they should have paid out 100% of profit. Management was not worthy of the 20% to 30% they retained.

I repeat, anybody on hot copper who does not want to pay taxes on their dividends, I am here to relieve them of the burden by taking the liability.

Pear