Bit of a relief finally to see the dividend and annual results. The level of disclosure is still woeful, this is only the statutory minimum, a big zip on the forward looking aspect or even any breakdown of results. They should look as CBA (a sleepy old bank) as regards their presentation and learn a bit.
The dividend of 6c makes a yield of 8.1% net and 11.6% gross, which should give the SP a bit of positive momentum. I got fed up looking for the XD date in the results....
As regards the tax treatment of the divvy, you know this PDF thing makes very little difference as ACR pay fully franked and are an Australian tax paying entity.
For a standard rate taxpayer, the franking covers any tax liability at 30%. The PDF gives higher rate payers the option of not including as assessable income and leaving out of the tax return.
For a SMSF in accumulation, the tax rate is 15% so the excess franking credit (30% - 15%) is offset against other taxes payable.
For a SMSF in pension mode the franking is refunded by the ATO, giving a very nice gross return....
hope that helps.
Wazz
ACR Price at posting:
74.0¢ Sentiment: Hold Disclosure: Held
