There's no franking because WIP in professional service firms is not taxable income, plus disbursements incurred for clients are deductible when paid. Both amounts are taxable when billed. So in a growing firm the taxable income will trail accounting profit. In Shine's case to the tune of about $300m over the last 10 years (which was pretty much the difference the Michael West article identified as "inexplicable").
There's no franking because WIP in professional service firms is...
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