No Stan
There's no particular legislation limiting the amount of franked dividends you can receive
If you're well invested your can earn millions no drama!
However..... franked dividends form part of your "Taxable Income" and as such the income you earn will be subject to the normal rules of personal taxation.
The "nice" part about "fully" franked dividends in Australia is that a tax rate of 30% (the current corporate tax rate) has already been applied to the income and paid on your behalf.
IF your income is low you can actually receive a refund of the "franking credits" (ie the tax that has already been paid).
If your marginal tax bracket is higher (eg 32.5% - 45%) you will need to pay the "difference" in the tax on the dividend income. (so possibly an additional 2.5% up to an additional 15%)
I hope that helps
All in all "fully" franked dividends are a great source of income and even "partially" franked dividends (less than 30% imputed franking credits) have some tax paid on your behalf so are pretty cool
Cheers
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