I assume you have other stocks paying franking credits and...

I assume you have other stocks paying franking credits and during tax time ALF's will be added onto these so no extra effort.
I would have thought the $0.994 + $0.03 div + $0.008 franking credits would be worth holding out for vs $1.005 or $1.01 now, even in your tax situation. Sorry I can't give you a better analysis.

Unless something comes up and I need the money Ill be holding until owning Watermark shares and selling straight away,