The special dividend paid for the full year was unfranked due to some transitional arrangement to do with AASB 17 implementation - the franking credit pool was around $64 M which is more than enough to have franked the ordinary + special - $135 m. Based on NPAT after tax figure in the Q1 APRA statistics, the pool would have been around $65 M as at 31 March, after you deduct the franking credits on the ordinary dividend and then add in tax paid for Q1.
Anyone have any ideas what the change in legislation was?
So the franking credit pool should be in rude health come 30 June and I would expect special dividends to return to being franked. If they are really going to meet the boards target by the end of the year - I think a half year special would be a good call.
Ann: Update - Notification of buy-back - HLI, page-25
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