Michael Vincent

As tax havens go.

We're not the most exotic, hey?

When you go down the list, it's like Cayman, Monaco, Singapore, Bermuda, Hamilton.

It just doesn't have the same ring to it.

So let's say you lose 20 grand a year.

20 grand tax loss, apply it to my PAYE salary and take it, make some advantage there.

And can I also use that against the sale in the future or could you only use it once?

No, you can only use it once.

Yeah.

So Ring Fencing's gone.

So Ring Fencing's bought in.

So now they operate that tax in a similar way to us where the losses have to stay on that property or inside that portfolio or...

Yeah, exactly right.

before we call them negative externalities like the negative externality for this has got or the unforeseen one has got to be people just won't sell their assets like you just hang on to it forever like why would i sell this property let's say i've got a portfolio 10 properties right because if you if you got into property in any major city in australia over the last 50 years man alive like you've done real well why would you sell because your grandfathered yeah

Yeah.

True.

Who's going to buy those houses?

What's a bucket company?

Yeah.

That is a really interesting point.