Stupid Question, page-13

Here goes:

F = Franked Percentage
D = Dividend Amount
GD = Gross Dividend Amount
M = Your Marginal Tax Rate (including Medicare)
C = Company Tax Rate
S = Share Price

GD = (D*F)/(1-C)+ D*(1-F)
= D*(F/(1-C)+(1-F))

Gross Yield = (GD/S)*100

Net Dividend = GD * (1- M)

Net Yield = Gross Yield * (1 - M)

So ... a 5 cent 100% franked dividend on a $2.00 share for a taxpayer on a 48.5% mariginal rate is:

GD = 5 * (1/(1-.3)+(1-1)) = 7.143 cents per share
Gross Yield = 3.572%

Net Dividend = (7.143*(1-.485)) = 3.679 cents
Net Yield = 1.839 %

Same example on a 31.5% marginal rate:

Net Dividend = (7.143*(1-.315)) = 4.893 cents
Net Yield = 2.447 %

And on a 18.5 % marginal rate:

Net Dividend = (7.143*(1-(.185)) = 5.822 cents
Net Yield = 2.911 %

Is this what you are after???? (I really hope that my maths has worked ok at this time of night!!)