A tax credit attached to a dividend representing the company tax already paid. Used when a company-owned property is sold and the after-tax profit is distributed to shareholders.
Under Australia’s imputation system the shareholder pays only the difference between their marginal rate and the company rate (25% for base rate entities). For property held in a company, this means the headline disadvantage of no 50% CGT discount is partly recovered when profits are distributed via franked dividends.