Tassal Group Strategic Thoughts, page-281

Actually, if NPBT was $40m, and tax credits on $10m was to pay off deficit, i believe dividend could be fully franked as long as the payout was $30m or less, which would be $0.10 per share (NPAT/outstanding shares)

But currently we have a big deferred tax liability, which i believe accrued because of our inventory build-up (at land and sea), so im not sure how current tax payable relates to that deferred amount.