Hi miningnut, It would be great if they disclosed the franking...

Hi miningnut,
It would be great if they disclosed the franking credits figure in the accounts, so we can tell in advance where we sit. The company operates on the minimal disclosure principle. Unfortunately.

What they have is Deferred Tax assets, which means as they make accounting profits, when calculating the taxable profit the company can draw down against the DTA account, to offset the tax which would be payable. I think the DTA has come about due to all the capital losses previously recorded in the accounts and for which they haven't claimed a tax deduction.

I have used a very simplistic approach which may be wrong but is based on avaliable information and trying to join the dots. From the previous years cash flow statements, the company has been paying income tax. $19.3 m in the past 3 years. (unless this disclosure is wrong) Dividends paid were only $23.2m. The amount of franking credit on these dividends would have been $9.8m. GRR paid $19.3 million in taxes, hence $9.4m in tax paid, which may be used for franking credits for future year dividends, years assuming they pay no taxes in the current year. Haven't looked what they may have had prior to 2015.

To fully understand it all, you would need a copy of the companies tax returns. This is unlikely.