"Let's take Janet"?
Let's not; it's barely believable.
Hard to believe this Janet with $1.2 million in shares doesn't have any other income earning assets such as at least one term deposit, or an online savings account, earning substantial interest.
Janet's surname wouldn't be Holmes `a Court by any chance?
By the way the $14,000 example you invented is refunded franking credits [FCs] so they've already been added into her taxable income because the dividends are grossed up by adding those FCs to the divvy paid so they've been entered into the income box on Janet's income tax form.
You're now pretending this $14000 is tax free income?
How many times do you want her to pay tax on the profits [distributed as dividends] of the companies she part owns?
Is three enough?
