IOOF  | Annual Report 2012 27 Retained earnings 28 Dividends 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. 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). page 101 Consolidated Parent 2012 2011 2012 2011 $’000 $’000 $’000 $’000 Balance at 1 July  25,126  15,583  43,513  2,120  Profit for the period attributable to owners of the Company 19,373  99,489  93,445  131,328  Profit/(loss) for the period attributable to policyholders of the IOOF Life  Statutory Fund - (11) - - Transfer of lapsed share options from reserves (note 26) 3,469  - 2,536  - Dividends paid (95,106) (89,935) (95,106) (89,935) Balance at 30 June (47,138) 25,126  44,388  43,513  The following dividends were declared and paid by the Group: Cents per  share Total amount Date of payment Franked /  unfranked $’000 2012 Final 2011 dividend 22.0 51,019  20 October 2011  Franked  Interim 2012 dividend 19.0 44,087  04 April 2012  Franked  41.0 95,106  2011 Final 2010 dividend 18.0 41,443  13 October 2010  Franked  Interim 2011 dividend 21.0 48,492  23 March 2011  Franked  39.0 89,935  Cents per share Total amount Date of payment Franked /  unfranked $’000 Final 2012 dividend 18.0 41,767  17 October 2012  Franked  Company 2012 2011 $’000 $’000 Dividend franking account 30 per cent franking credits available to shareholders of IOOF Holdings Ltd for subsequent financial years 42,709   13,920 