the longer you wait rio the more it will cost, page-19

ok, so my last calculation is a little flawed:

You get a 100k dividend that is fully franked
You get a franking credit at the company tax rate of 30% (30k)

So according to the ATO, the following applies:

marginal tax rate: 47%
corporate tax paid: 30,000 (franking credit)
dividend recieved: $100,000

assessable income: $130,000
tax on assessable income: (18,000 + 0.4*50,000) = 38,000
(this came from http://www.ato.gov.au/youth/content.asp?doc=/Content/40811.htm)

So:

You have to pay $38,000 tax.
You have a franking credit of 30,000 which offsets.
So you end up paying 8,000 in tax. (which ends up being 8% of the actual dividend)

hops this helps...