Concerns over the impact that the budget levy will have on Australia's banks led to a sharp sell-off in the sector recently.
Fortunately for income investors this means that Commonwealth Bank of Australia (ASX: CBA) shares will provide a fully franked 5.1% dividend over the next 12 months if the bank maintains its current pay out.
When do you need to invest to receive it?
The next dividend on the horizon for Commonwealth Bank shareholders is its final dividend.
Traditionally this goes ex-dividend in the middle of August and is then paid to shareholders approximately six weeks later at the end of September.
Should the bank not cuts its dividend, shareholders can look forward to receiving a pay out of $2.22 per share.
After which, the bank will pay its interim dividend early in April, with its shares going ex-dividend mid-February.
