With regards to receiving the dividend, the amount of franking credits you would receive is (30/70)*13.2 cents which is only 5.66 cents.
So basically your grossed up dividend is 71.66 cents (66+5.66) on which you pay tax at your marginal rate.
If you are in the 30% tax bracket, then your net cash flow is 71.66(gross div)-21.5(tax)+5.66(franking credit)= 55.82 cents.
With the DRP, your net cash outflow will be 15.84 cents in tax less franking credits, but you will receive 66 cents worth of discounted shares with a cost base at the discounted issue price.
You are right about the BSP in the there will be no tax payable now and will receive 66 cents worth of shares, but the cost base is 0 cents, so whatever price you sell at is your capital gains.
if you plan to keep the shares till pension mode, BSP would probably be the best way to go.
With regards to receiving the dividend, the amount of franking...
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