If you can claim a tax offset for foreign income that has already been taxed at source to avoid double taxation of income then there would appear to be no disadvantage in receiving dividends that have not been franked via tax paid in Australia. Brazilian tax law seems not to be as straightforward as our tax law and there appears to be three separate parts to their tax. As far as I can make out, the total tax rate is 34% which is 4% more than Australian Company tax rate. Therefore, you may be better off if you can claim a foreign tax offset and your individual marginal tax rate is more than 30%.
Karoon Coming Milestones, page-49
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