Tax is imposed at the company level.
Franking credits are a method of mitigating double tax on Australian resident shareholders when they lodge their Australian tax return and pax more tax.
Foreign residents dont get taxed in Australia so dont need the credit to reduce it.
There is no logical reason for foreign nationals to resent Australian resident shareholders not being double taxed by their government. It does not affect them.
Therefore there is no logical reason for the Board to skew dividend policy because of franking credits.
IDLE can you better explain your reasoning?
GRR Valuation, page-87
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