wise hc advice required

Here are my circumstances:

I only started investing in shares since mid Oct last year and have generated a $5K profit from my $50K.
Have a large capital gain for Tax08/09 and ergo need to burn this $5K profit off before July 1 to keep income as low as possible.
So I wish to buy into companies with divvies coming up (healthy amount & fully franked), {and I have a schedule courtesy of IncomeInvestor}, during Apr,May,June09. Get the taxfree divvy, sell for a loss (or a profit if strange things happen and repeat this exercise with other companies) and burn off the $5K gain.

End of the fiscal year I declare a few pennies profit but have x amount of fully franked divvies sitting in the bank taxfree.

My question is: have I overlooked anything? or made any incorrect assumptions?

Thanking you in advance for any response this may generate.

Cheers