Ann: Update - Dividend/Distribution - NEM, page-6

the Foreign tax withheld is added to your net banked dividend to gross it up. The total is taxed at ATO tax rates and then you are given the full amount of the foreign tax withheld as a credit. So if the tax withheld was at 15% and you are in a complying superfund in pension mode then you get a full refund of the tax withheld. if you are an individual and your total income from all sources places you say in the 30% tax bracket , then you will not get all the tax withheld back as the NEM dividend is subject to full tax and unfranked. So to answer your question the amount you get back depends on each person's personal tax profile. Simply look upon it as a normal unfranked dividend in the entity in which you hold your NEM holding, same ATO rules apply.