in addition, if a dividend is qualified for during the shorting period, you may lose the franking credit on the dividend
this is a straightforward but difficult area of tax
i once knew the rules but can't remember them & don't really want to re-read them now (since I am watching a sports event at the moment)
you have a full (100%) short, so its 'delta' is -1. your long has a 'delta' of 1 so your total 'delta' is 0. you require a delta of 0.3 or more to qualify for a franking credit.
