Experts say proposed changes to capital gains tax (CGT) may prompt investors to prioritise ASX dividend yields over growth.
That means ASX dividend shares may become more interesting than growth stocks if the CGT changes get through Parliament.
In a recent newsletter, private wealth and investment advisory firm, Medallion Financial Group, said:
At a high level, the changes tilt the playing field toward yield. If a larger portion of capital gains is taxed away, the after-tax return profile of growth assets; equities, start-ups, and expansionary investments becomes less compelling.
In contrast, income streams such as dividends retain their relative appeal, particularly where they are franked.
The most reliable dividend yields come from ASX 200 large-cap shares.
Large caps have a minimum market capitalisation of $10 billion. They are our biggest and most established listed companies.
They typically offer high dividend payout ratios because they are long-standing, well-established businesses with reliable profits.
At the top of the ASX 200 today is a mix of bank shares, mining shares, property shares, and others.
Let's take a look at the current trailing dividend yields of the top 10 ASX 200 shares today.

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Dividend yields
| ASX 200 rank | Company | Trailing dividend yield | Typical franking level | Gross yield (including franking) |
| 1 | BHP Group Ltd (ASX: BHP) | 3.31% | 100% | 4.73% |
| 2 | Commonwealth Bank of Australia (ASX: CBA) | 3.02% | 100% | 4.31% |
| 3 | Westpac Banking Corporation (ASX: WBC) | 4.24% | 100% | 6.06% |
| 4 | National Australia Bank Ltd (ASX: NAB) | 4.51% | 100% | 6.45% |
| 5 | ANZ Group Holdings Ltd (ASX: ANZ) | 4.7% | 70%-75% | 6.16% |
| 6 | Macquarie Group Ltd (ASX: MQG) | 2.91% | 35% | 3.35% |
| 7 | Wesfarmers Ltd (ASX: WES) | 3.38% | 100% | 4.84% |
| 8 | Rio Tinto Ltd (ASX: RIO) | 3.24% | 100% | 4.63% |
| 9 | Fortescue Ltd (ASX: FMG) | 5.62% | 100% | 8.02% |
| 10 | Goodman Group (ASX: GMG) | 0.97% | 0% | 0.97% |
Things to consider
A company's trailing dividend yield is calculated by dividing its total dividends (usually two) paid over the past 12 months by the current share price and multiplying by 100.
This means trailing dividend yields are based on the previous year's income and do not account for this year's market conditions.
For example, the impact of the global oil shock, which is raising input costs for many companies right now, is not reflected in current trailing dividend yields. Those rising costs today may reduce the dividend amounts some companies can pay over the next year.
So, use trailing dividend yields as a guide, not a guarantee, of future dividend income.