when a company doesn't report profit on paper it won't pay tax to the ato which means they don't have any franking credit to distribute to their shareholders. As far IAG is concerned, I believe it's not bad to see them paying dividends after the restructuring costs. I believe moving forward they should come back to normal I.e. making profit, paying tax and distributing franking credit etc...
the other scenario is when the income is generated from overseas. they do get no refundable tax credit but not franking credit. franking credit is available when a company pays tax here in Australia
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