Franked just means the company has already paid 30 percent tax on it. Unfranked means no tax has been paid and you are up for the full tax amount.
So using your example, $250,000 let's just say you are in the highest tax bracket. Based on unfranked dividends, you will need to pay approx 48 cents per dollar in tax so you pay approx $120k tax. If they are franked dividends and you receive $250k, you will only need to pay the difference between 30 percent and the full tax rate, so about 18 percent or $45k in tax.
I would be happy with 10 cents full franked!
MGT General and Off Topic Chat, page-790
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