Does not help reducing your tax bill for the year received. Copied the section below from the ATO website.
Dividend reinvestment plans A company in which you hold shares may offer you the option of reinvesting your dividends to acquire more shares, instead of receiving cash payments. If you reinvest your dividend, for tax purposes you treat the transaction as though you had received the cash dividend and then used it to buy more shares.
As I only hold a few hundred shares would not participate unless they rounded factions of shares up, otherwise you may end up with a carry forward balance of $40 year after year.
MFG Price at posting:
$46.20 Sentiment: Hold Disclosure: Held
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