Self-managed super funds are in the box seat to take advantage of Telstra's $1 billion-dollar off-market buyback thanks to a structure that includes a huge fully franked component and an extra dividend. Telstra will take at least 926 shares each from successful applicants and, on AFR Smart Investor's numbers, SMSFs in pension phase should be able to sell them back to Telstra for somewhere between $5268 and $5991 in a little over two months time. Andrew Moir, executive director at boutique wealth manager Evans & Partners, says the buyback which includes a fully-franked dividend that could be "grossed up" will be especially attractive for investors such as self-manager superannuation fund members in retirement. "There are a lot of people in zero tax environments these days," Moir says. "For those who have been in Telstra for a long time, participating in an initiative like this would make a lot of sense."