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Yes the dividend ripping scheme is a good one for those in 60's. Add personal super contributions each year and they pay no tax and get refunded franking credits.

Transfer to a third party, spouse another entity etc. And avoid stamp duty in many states in some cases. eg Victoria. Refinance principle shouldn't be overlooked as debt can be refreshed in future etc

The 30% initial tax is likely to reduce under proposed Lib plans...If they can get it past senate and if they don't implode. Just remember that the 30% is NOT a final tax and never is for a company. The reality is a company MUST pay the profit out (after it pays tax at 30%) to a shareholder...