Dunno Cerhob. I don't declare paper capital gains as income, and neither does the ATO. So yeah, if you had $2m and made 22% you'd post a $440k capital gain in one year, but that's not the cash flow your investment is generating to you.
However, $2m in a quality portfolio generating perhaps a 4.5-5% dividend, with franking, gets you a lazy and conveniently tax-effective $100k in dividends p.a., and that's pretty handy too ;).
