Great explanation of it, I just wanted to add that the maths changes if the dividend comes with a LIC capital gains component, such as the most recent dividend announced by WHF (which is 100% LIC capital gain). They were even kind enough to email shareholders yesterday to point this out, giving the opportunity to switch to the DRP for this dividend. In short, when the LIC makes long-term capital gains they're able to pass the CGT discount onto shareholders who can claim this on their tax return.
Not applicable to the most recent AFI dividend, and the one before that had only 2 cents attributed to LIC capital gains, but it's worth keeping an eye on.
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Great explanation of it, I just wanted to add that the maths...
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