Commonwealth Bank of Australia (ASX: CBA) shares have been on an incredible run over the past 12 months.

While this is great news for shareholders, it has left Australia's largest bank's shares trading on sky high earnings multiples.

This means there are significant downside risks to buying at current levels. Especially when the consensus valuation estimate sits around 35% below where its shares trade today.

In light of this, income investors may want to look beyond CBA when they are searching for ASX dividend shares to buy.

With that in mind, here are a couple of dividend shares that analysts at Bell Potter think could be better options. They are as follows:

Harvey Norman Holdings Limited (ASX: HVN)

The first ASX dividend share that could be a great alternative for income investors is retail giant Harvey Norman.

That's the view of analysts at Bell Potter, which are feeling very positive about the company. This is due to their belief that it stands to benefit greatly from an artificial intelligence driven major upgrade/replacement cycle of devices purchased during the COVID-19 pandemic.

The broker expects this to support the payment of fully franked dividends of 25.9 cents per share in FY 2025 and then 28.5 cents per share in FY 2026. Based on the current Harvey Norman share price of $5.13, this equates to attractive 5% and 5.5% dividend yields, respectively.

Bell Potter currently has a buy rating and $5.80 price target on its shares. This implies potential upside of 13% for investors between now and this time next year.

Smartgroup Corporation Ltd (ASX: SIQ)

Another ASX dividend share that could be a better option that CBA today is Smartgroup. It is a leading provider of employee benefits, end-to-end fleet management, and software solutions.

Bell Potter is also feeling very positive about Smartgroup and thinks it would be a great pick for income investors. This is due to its defensive business, favourable tailwinds, and attractive valuation.

In respect to dividends, the broker is forecasting fully franked dividends of 53.3 cents in FY 2024 and then 59.7 cents in FY 2025. Based on its current share price of $7.84, this means big potential dividend yields of 6.8% and 7.6%, respectively.

Bell Potter currently has a buy rating and $10.00 price target on its shares. This implies potential upside of almost 28% for investors over the next 12 months.