You lost me a bit with the capital return - that'd need to be the sale of an asset to not effectively be an unfranked divi?
I'm not too bothered with the franked/unfranked. Say they make $10m profit and aim to distribute it...
-if it is taxed the distributable amount is then $7m and the recipient gets the equivalent of $3m tax credit. Results in $7m in pocket minus the residual tax (Say 7% on a 37% rate)...$6.5m
- if untaxed it is $10m in pocket, minus tax (37%)...$6.3m.
Really splitting hairs....for a $20k divi it's only $600 bucks.
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