Again this example misses the point as it's not comparing like for like.
Do the example again, but instead use $1 company income as your starting point and calculate franked vs unfranked from there.
Obviously you get same $ in your pocket, regardless of franking credit. This shows there's no permanent tax benefit (unless of course you have a marginal tax rate below 30% as pastperformer highlighted)
Again this example misses the point as it's not comparing like...
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