all this for just one cent, page-6

Not sure what you mean Mattao. The sale occurred on 30 June 2011, so carry-forward tax losses will be used to offset the gains. Therefore, they would always have had a nil balance at 30 June 2011.

MA has always stated the 52.5m was a notional amount in looking at the sale in isolation (EXS wanted to show the net figure as low as possible so that they could argue for as low a distribution to IVA as possible). They only need to pay 42m of tax over the course of the franking year to give us the 12c franking credit. I think the tax paid will be closer to this 42m than 52m.

Tax will be payable in instalments. I gather the first one will be for the 30 September quarter (probably payable in October). We get the benefits of the franking credits up-front, but the tax will actually be paid over time.