You said "I do not see much difference between franked or otherwise, paying taxes now or later"
Makes a very big difference. Take 2 scenarios (assuming investor is Australian on 37% tax rate + 2% medicare levy:
(1) 70c dividend that is fully franked (@30c).
Investor declares $1 of income and is liable to pay tax of 39c (but has paid 30c via franking, so pays an additional 9c).
Net cash in hand = 61c.
(2) 70c dividend that is unfranked
Investor declares 70c of income and pays 27.3c in tax (39% on 70c )
Net cash in hand = 42.7
Difference is 43% ... that is quite substantial.
If you are lucky enough to be in pension mode in an SMSF (zero tax), then the difference is 30c.
(1) Franked means investor gets $1 (70c from NHC and 30c from ATO)
(2) Unfranked means investor just get 70c from NHC
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