Ann: Notice of Annual General Meeting/Proxy Form, page-16

@Showm3 is quite correct, you can sell on the ex-dividend date any time from market open and collect the dividend. But be aware that the share price ( for most stocks) often falls by the same amount as the divvy on the ex-div date, in fact quite often it will fall somewhat more than the divvy amount which simply reflects the view by some of why continue holding when I can use the money elsewhere for a while until buying back in for the next divvy . In regards to getting the franking credits, the 45 day holding period requirement applies as has been discussed by other posters and bear in mind as one poster mentioned that you need to add the day purchased and the day sold, so basically its 47 days. So if you opt to sell on the ex-divvy date, and want the franking credits, make sure that you purchase the shares 47 days before the ex-divvy date ( which includes ex-divvy date itself). To be honest, given TER is moving to quarterly dividends, the window is much shorter if you adopt that approach, and can really mess you up when also taking account of the 45 day rule coz you got to get your timings just right. Bit of a different story ( upto a point at least ) when divvies are paid every 6 months or annually as the opportunity window for trading out then buying back in of a longer duration.