I don't think you have a "Snowball's" chance in hell of getting...

I don't think you have a "Snowball's" chance in hell of getting this one answered Snow, just kidding. Go to the Aust Tax Office at http://www.ato.gov.au/
If you type 'foreign tax credit' in their search box this will lead you to many choices, this one [#6] is best:
6. How to claim a foreign tax credit 2006-07
Current from: 28 Jun 2007
"If you are an Australian resident individual and have paid foreign tax on income you received from outside Australia, this guide will help you to claim a credit for that foreign tax. NAT 2338-6.2007."
Then just click on 'How to claim a foreign tax credit' and then download and save the pdf to your PC. The 'foreign tax' part in your income tax form, occurs later on from memory than your other Aust. divs and div' expenses Items are from memory?
Basically your dividend [in AU$] is grossed up [ie. added to the tax credit] before you put it in the foreign dividend income Item#... box, then your 'tax credit' is counted later as tax paid or a Tax Offset. In a similar way, your Australian franked divs are grossed up and then later offset by your franking credits which count as tax paid.
There is an neat example in the downloaded booklet, using Emma Citizen, which explains the methodology Snow and is easy to follow.
I think the UK company tax is less than our 30% company tax, and from memory the tax credit only seems to be 10% of the sum of the div' and tax credit; in fact I think it's exactly 10%.
Depending on what marginal tax level you're on, the 'tax credit' may pay nearly a third of the income tax you are liable to pay for the foreign divvy, so 'tis some help.
If you are in doubt check with your tax agent or the ATO.