Firstly you calculated that slightly wrong, but we will use you...

Firstly you calculated that slightly wrong, but we will use you number of $7.13 for this example.

In your example, you only paid out $7.13 of the $100 you received, where as if the dividend was un franked you would have had to hand over $50.

you have $92.87 in your pocket after tax, A guy whose in the same tax bracket that got an unfranked dividend, would only have $50.00

Can you see that even though you are in a tax bracket higher than 30%, you still benefited from the franking.

(The tax owed would actually be $28.50, not $7.13 as I said you worked it out in slightly the wrong order, look back at my examples in previous posts if you want to see the correct order, but basically tou nearly had it right except the 50% tax is deducted from the $143 not the $100, then the credit is applied after that)