I had just a quick look at to your post as I am about retiring to bed.
You say: Here's an example of an investment structure outside of super. Investing via a company. The company pays 30% tax on it's income, but also receives franking credits from investments so effectively no tax is payable by the company.
Sorry but that seems not to be the case.
First, the tax is payable on the grossed-up amount and not on the dividend amount received.
Second, what is happening here is that the company is paying part of the tax liability with tax credits, which in the case of unfranked dividends may even be zero In a super fund in accumulation mode the grossed-up dividend would only be taxed at 15%, if I am not mistaken.
Let's say that the company received $100.00 in dividends plus $30.00 in imputation credits or a grossed-up amount of $130.00 and for argument sake that it did not incure any deductive expenses. $130.00* 30% = $39.00 (not $30.00). That is the company would have to find an extra $9.00 in order to be able to discharge its tax liability.
