For the 2011 year, you can earn $99,234 in franked dividends (and nothing else) and not pay tax.
$99,234 x 10 / 7 = $141,763 in taxable income.
$99,234 x 3 / 7 = $42,528.86 in franking credits.
Tax on $141,763 = $42,528.75
11 cent refund.
For the 2012 year, you can earn $94,315 in...