franking credit, page-2

See my previous post on 21 Nov 2021 for the following :

" In eps , Income tax expense = $11.3 M ( p58 ) .
In operating cash flows income tax paid = $.229M ( p63 ) .
so actual tax paid is less than charge in eps.

Instead of paying tax the deferred tax asset is reduced by $6.7M and the deferred tax liability is increased by $4.5M ( p78 corrected to p77 ) .
No franking credits arise from the actual tax paid in FY21, dividends remain unfranked. ( p125 ) ."

The above is for FY21 from the FY21 Annual Report.
Repeating for FY22 from The FY22 Annual Report.

Income Tax Expense = $13.5 M ( taken from p81 Note 5 ) used for eps
( Note 5 includes discontinued operations whereas the P or L on p62 is only continuing operations )
Income Tax Paid = $ .034M ( p67 ) in the Cash Flow Statement
( no franking credits arise from the income tax paid in FY22 see p131 )

Instead of paying tax the DEFERRED TAX ASSET is reduced by $4.541M and the Deferred Tax Liability is increased by $8.991M . ( p81 Note 5a )
DEFERRED TAX ASSET BALANCE AT 30 JUNE 2022 = $ 12.177M ( p108 Note 7di )
This was reduced by $6.7M in FY21 and $4.8M in FY22.

The deferred tax assets ( without further tax losses ) are likely to run out in the next 2 to 3 years.
When this occurs actual tax paid will become significant ( but still less than tax expense ).
I estimate FRANKING CREDITS ARE LIKELY TO START IN FY25 but may occur as early as FY24.