Re Franking Credits here is the except from the ATO - just confirms Tradedemons post is correct:
The holding period rule applies to shares bought on or after 1 July 1997. It requires the individual to hold the shares 'at risk' for at least 45 days (90 days for preference shares and not counting the day of acquisition or disposal) to be eligible for a tax offset in relation to the franking credit. The holding period rule only needs to be satisfied once for each purchase of shares.
Note: This rule does not apply if the individual's total franking credits entitlement for the year of income is below $5,000.
www.ato.gov.au/businesses/content.asp?doc=/content/8651.htm&page=4&pc=001/003/066/004/001&mnu=4538&mfp=001/003&st=&cy=1
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