Liam Shorte

Yes, to get the optimal.

Yeah, so from year seven, eight, nine onwards, the tax hit, if you take it out early, is less, but the optimal is keep it for 10 years and then drip feed it out from there over the longer term.

And again, James, it'll be the focus on franking credit or income orientated

returns inside those bonds now, because they're going to try and get that 30% tax bracket that trusts or those investment bonds are taxed internally.

They are going to try and get that down as far as possible.

Whereas what we're talking about on the CTT or the trust distributions outside, they're talking minimum 30% plus.

So the bonds will have their day.