Yes Dmuff you could received approx $55000 in fully franked...

Yes Dmuff you could received approx $55000 in fully franked dividends (cash component + imputation cr) and if you had no other income and excluding medicare levy the income would be tax free.

However fergl was stating using the excess imputation credits to offset other tax liabilities which if your income after grossing up your dividends is in excess of $50000 there will not be any excess credits