Franking credits are "received" no matter how you take the...

Franking credits are "received" no matter how you take the dividend (unless you are a non-resident of Oz), but you physically only receive the $1.47 from FMG, either as cash or applied to the DRP.

Your personal/company/SMSF position will determine whether you receive any tax benefits or tax top-up to pay when you lodge your 20-21 return.

Basically, the $1.47 is 70% of the dividend, $0.63 are franking credits (30%), and the total income attributed to the shareholder is $2.10. The shareholder pays tax on the $2.10 at their prevailing rate. If you are an individual at a low tax bracket, you'll probably receive some of that $0.63 back. If you are in the top bracket, the $0.63 won't cover what you should have paid, and you'll have to pay extra to the tax man. If you an investment company that doesn't have an active business, the $0.63 will be a wash. If you are an operating company, you'll get a little extra back. Super funds only pay at 15% when in accumulation phase, so they'll get $0.315 back, and if in pension phase, I think they are tax free, so will get the full credit back.

May not be perfectly correct above, but gives you the basics of it.