Franking Credits

Below is a link to information from the Australian Investors Association regarding franking credits, also known as imputation credits.
The 4 Investor scenarios provide figures of how franking credits are applied to dividends once your tax return is completed to show the overall after tax return.
Investor 1 could be likened to a superannuation account in pension phase and Investor 2 could be likened to a superannuation account in accumulation phase.


http://www.investors.asn.au/education/shares/understanding-shares/franking-credits/