Ann: Scheme Implementation Deed, page-2

Just wondering if anyone can confirm my numbers re the value of the franking credits attached to the dividend...

a 15c ff dividend carries a franking credit worth 6.4c (15 / 0.7 * 0.3)

so that is the extra value for a zero tax paying investor.

a super fund, which pays 15% tax, has a tax liability of 3.2c, (15 / 0.7 * 0.15) which is offset by the 6.4c franking credit, leaving a net tax credit of 3.2c

So a zero paying investor can breakeven by paying up to 76.4c per share, while a superfund could pay up to 73.2cps.