Sorry Timwins. I am not wrong. Let me explain it to you.
I company makes (say) $100 profit on your behalf. It gives $30 to the ATO and $70 it gives to you with a franking credit of $30.
When you do you tax return, your income from the company is $100.
When the tax payable/tax refund section is completed the tax that you are required to pay is reduced by the $30 the company has already paid on your behalf. Of course, if your income is so low you don't have to pay tax then the ATO will return the $30 to you.
Drilling/Development Schedule, page-306
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