Seems to be lots of confusion on franking credits as to whom gets the most benefit. Below is an article from 2015 that puts it into perspective.
"Rich investors get lion's share of $29 billion franking credits
By Tom Allard
Updated21 April 2015 — 1:17pmfirst published at 12:15
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Australia's $29 billion system of franking credits for investors is skewed heavily to the rich and is ripping a hole in the budget, a new analysis has found, with one tax break found nowhere else in the world costing almost $5 billion a year.
Millions of Australians benefit from franking credits, which allow investors who receive dividends to claim a tax credit at the corporate rate of 30 per cent.
Loophole: The richest 20 per cent of households get $8.3 billion in franking credits while the poorest 20 per cent of households receive just $164 million.CREDIT:FAIRFAX
Designed to avoid double taxation, the so-called franking credits net households $10 billion each year, with companies benefiting by a similar amount. The final one-third goes to superannuation funds, charities and trusts.
According to a study by the Australia Institute, the wealthiest 10 per cent of households –
those earning disposable income of more than $207,000 – gain almost 75 per cent of the $10 billion in franking credits siphoned directly to them."
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