The franking credit is for the company tax paid on the profit. So if a company earns $100 profit and pays $30 company tax and pays out the remaining $70 fully franked. The franking credit covers the $30 tax already paid on the $70 dividend.
if a company pays full company tax on their profit they can pay out all the profit as fully franked dividend.
Ann: FY22 Earnings Release Date, page-24
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