Analysis by Stockhead has found less than 9 per cent of ASX companies with a market cap below $500 million have paid half yearly dividends.

But 152 companies have and 13 of them have paid half-yearly dividends of 13 cents or more this year.

The highest paying stock we found was property developer Tamawood (ASX: TWD) which will pay a total of 33 cents per share.

Tamawood’s ordinary dividend was 27 cents but it decided to pay another 6 cents in light of the prospect of dividend franking laws changing after the upcoming election.

Leather and building material manufacturer Schaffer Corporation (ASX: SFC) paid a dividend of 30 cents per share, double the prior corresponding period, but the yield was only 2 per cent.

After achieving a $25 million profit after tax, Nick Scali (ASX: NCI) shared the spoils, paying 25 cents per share (a 4 per cent yield).

We’ve compiled a full list of the highest dividend-paying ASX small caps.