Tiger - an anonymous poster just made some excellent insights into the franking system, corporate tax obligations, pensioner tax benefits and motivations as to why NHC would provide franked dividends.
Valuable information to others on a thread titled - Dividend/Distribution.
And especially valuable to younger readers who may not have a handle on tax.
They're not assumptions - as you put it. If you knew tax, you wouldn't need to state this.
Great - you do your own tax. You'd be surprised how many accountants get their tax done by others.
Above is not financial advice and my opinion only.
Ann: Dividend/Distribution - NHC, page-31
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