As everyone should be in bed, I'll abuse the forum and have another shot.$1 Franked Dividend, 45% Tax RateThe investor has $1 in dividend income and 43c in franking credits, the taxable income is $1.43.The investor retains 93c of this after tax.$1 Un-Franked Dividend, 45% Tax RateThe investor has $1 in dividend income and 0c in franking credits, the taxable income is $1.The investor retains 65c of this after taxThe investor is 28c better off due to franking credits despite the tax rate been above 30%.
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