Franking a Dividend

Could you please tell me if the following could happen.

Could a company such as CBA pay an increased dividend before tax to a smsf, in lieu of a franked dividend?

A: No. Franking credits are of no value to the company – they just represent the tax the company has already paid to the Australian Taxation Office. So franking a dividend “costs” a company nothing – but increasing it in lieu (your suggestion) would be “hard” dollars.

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