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How dividend payout happens
You will need to buy a stock before the ex-dividend date to receive the dividends. You can sell a stock on the ex-dividend date or after and you will receive the dividends. So if the ex-dividend date is the 5th August, you need to buy before the 5th and you can sell on the 5th or after, to receive the dividends. Definitions from the ASX: Record date The Record Date is 5.00pm on the date a company closes its share   register to determine which shareholders are entitled to receive   the current dividend.  It is the date where all changes to   registration details must be finalised.   Ex dividend date The ex dividend date occurs two business days before the company's   Record Date. To be entitled to a dividend a shareholder must have   purchased the shares before the ex dividend date. If you purchase   shares on or after that date, the previous owner of the shares (and   not you) is entitled to the dividend. A company's share price may move up as the ex dividend date approaches   and then fall after the ex dividend date.