@ploppyMade a calc error before, updated in post below. ( my...

@ploppy
Made a calc error before, updated in post below. ( my spreadsheet deducted the capital loss twice )

Assumptions:
- you bought $10000 @ $2.5 somewhere before the first 2017 div.
- We work on the current price of $2.2

	Dividend	Franking	Gross Dividend	Ex-Dividend Date	Payment Date	Shares	Gross Div Amount
	0.0775	100%	0.1107	31/05/2021	07/06/2021	4000	442.86
	0.0775	100%	0.1107	19/11/2020	27/11/2020	4000	442.86
	0.0775	100%	0.1107	17/10/2019	25/10/2019	4000	442.86
	0.0775	100%	0.1107	10/04/2019	26/04/2019	4000	442.86
	0.0775	100%	0.1107	16/11/2018	26/11/2018	4000	442.86
	0.0775	100%	0.1107	12/04/2018	27/04/2018	4000	442.86
	0.075	100%	0.1071	17/10/2017	27/10/2017	4000	428.57
	0.075	100%	0.1071	13/04/2017	28/04/2017	4000	428.57

If you personally pay 0% income tax then your annualised return is 5.34%
If you pay 30% effective rate then your return would have been3.01% ( current shares plus div value $11260 )

	0% income tax	30% income tax
Div after tax	3514.3	2460
Current Capital value	8800	8800
Total return	12314.3	11260
Annualized	0.05342211727	0.03011235872
	5.342211727	3.011235872

DRP is still subject to tax just like if you received the money and on top of that each time you buy new shares as part of DRP that transaction is the same as you buying shares on the market, all normal provisions in regards to CGT applies.
https://www.ato.gov.au/General/Capital-gains-tax/Shares,-units-and-similar-investments/Dividend-reinvestment-plans/

Therefore, the above example receiving a dividend payout should yield the same answers as you just receiving the dividend in hand.