"are they going to do capital return with franking credit or...

"are they going to do capital return with franking credit or without?"

You obviously don't know what "return of capital" is.

It's not a return of retained profits, which have already been subjected to taxation, so therefore can have franking credits attached.

But if you start a business with $1.0m of your capital and then after a certain amount of time, decide to take back your capital (i.e., a capital return) because the business is now adequately funded, why do you think some kind of tax asset would be crystallised in the process?

.