the 45 day doesn't actually work exactly as you saidyou need to...

the 45 day doesn't actually work exactly as you said

• you need to hold them at risk for 45 continuous days (plus the day of buy and sell - so as you said 47 days).
• You don't need to hold them 45 days before the dividend, just 45 days at risk. for example, you can buy them on Cum Dividend period, and hold them for 45 days at risk after that, and you are still entitled to the franking credits. If you needed to hold the shares 45 days before payment, it would be harsh as people don't know exactly when dividends are being paid. Hence, you just need to hold them for 45 days.
• For individuals the 45 day rule only applies where the individual's total franking credits (from all sources) exceed $5,000 for a financial year.