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## 27 Retained earnings 

<img src='content_image/283051.jpg'>

## 28 Dividends 

The following dividends were declared and paid by the Group: 

<img src='content_image/283053.jpg'>

Franked dividends declared or paid during the year were franked at the tax rate of 30 per cent. 

Dividend amounts are inclusive of any dividends paid on Treasury Shares. 

After 30 June 2012 the following dividends were declared by the directors. The dividends have not been provided for and there are no income tax consequences. 

<img src='content_image/283054.jpg'>

The above available amounts are based on the balance of the dividend franking account at year-end adjusted for: 

(a) franking credits that will arise from the payment of the current tax liabilities; and 

(b) franking credits that the entity may be prevented from distributing in subsequent years. 

The ability to utilise the franking credits is dependent upon there being sufficient available profits to declare dividends. The impact on the dividendfranking account of dividends declared after the balance date but not recognised as a liability is to reduce it by 

$17,900,000 (2011: $21,865,000). 

