if you held say 1000 shares then various scenarios are...

if you held say 1000 shares then various scenarios are availiable to you depending on how long you hold and if you opt into the DRP.

elements are:

Dividend = 1000 x $0.133 =$133.00
Franking credit - (assuming 30% tax rate) applicable gross up rate = (100% − 30%) ÷ 30% = 2.3333
maximum franking credit = $133 × (1 ÷ 2.3333) = $57 rounded

1. you buy and sell <45day holding but are on the register before the exdiv date and you take cash instead of the DRP shares - you will get dividend but not the use of franking credit in your tax return. ie your $133 will be taxed at your marginal income tax rate - say its 33% - you get 133 - 33%x133 = ~89 cash after tax.
2. you buy and hold for at least 45day and take cash instead of DRP shares - you get both the dividend and use of the franking credit in your tax. you will be get a higher after tax return vs scenario 1.
3. you remain invested and take the DRP shares (you have to elect to do that today 9may latest). you will get taxed like scenario 2 but instead of getting a cash dividend you will be issued 608 shares of VTG with a cost base of $0.28 ($133 / 0.28 = 608). you will get them on 10may and can sell them or hold them thereafter.