My understanding is that it's illegal to buy, take div, & sell instantly. but that's never stopped anyone.
It is not illegal, it just means you’ll lose your entitlement to franking credits, which are (in most cases) subject to a 45-day holding rule (see link below).
https://www.ato.gov.au/forms/you-and-your-shares-2013-14/?page=11
Buy @ $35. take $2 div fully franked, so approx $2.70. Sell your shares @ $33. claim $2 loss on your tax return - gain another 70c. In the end you've lost $2 in stock price. but gained $3.40 in dividends & tax losses. correct me if I'm wrong.
In your example, you would simply end up with $2 of taxable dividend income (with zero franking credits attached) and an offsetting $2 capital loss. So, there is no risk-free arbitrage there, as far as I can see.
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