If you have specific shares you purchased yourself in your industry fund that pay a franked dividend, BHP for example, you get the dividends. The fund do the taxes for you, part of the reason for fees, and you get the credits as well.
If you're in say a balanced fund, the fund gets the dividends and franking credits which go to general profits and divided among balanced fund holders so you don't see it as a franking credit, just a direct increase to your balance of the amount.
