Pearty let's say you get $10k of fully franked dividends. Grossed up this is around $14.3k. Just multiply by 1.43 to get the approximate grossed up amount.
This means your taxable income is $14.3k and you will have a credit of $4.3k.
so you pay tax on your 14.3k and then whatever that amount is credit 4.3k.
retirees with lower incomes due to not working often get all or most franking credits back.
Iron ore price, page-54263
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