franked dividend query, page-9

Sorry to get technical!! But there are two type of tax losses and captia losses.Per Note 7 of Annual Report

-'Additionally capital losses on disposal of assets during 2009 of approximately $2.0 billion have not been recognised.'

-Ozl has extensive income tax losses. If you read the notes the accounts CAREFULLY (per Australian Accounting Standards- I cant remember which one!), Ozl can only recognise these losses if it 'virtually certain' of generating future profits. Ozl currently recognises $191.4 million of income tax losses with more to come in the future. Ozl can choose to make payments for its 'franking account' which would allow it to pay 'franked dividends'. As time goes I'm sure that Ozl will choose to recognise more tax tasses to offset any potential tax liabilites.