Vince Scully

I didn't get around to doing VDHF, but I did it for VDHG, one of your competitors.

And if you bought VDHG on the listing in 2017, you would have earned a total pre-tax return of about 9.4, which was roughly 50-50 capital and income.

But VDHG, since it's listed, did roughly 50% growth.

So 4.7%.

So if you had bought it on the listing, you would pay less tax under the new system.

And you still defer the capital gain tax until you sell.

That's important.

And when you look at – there's another question later.

When you look at the DSSP analysis –

It still doesn't work for a top rate.

In fact, it's worse now than it used to be.

It was never, unless you were a whole forever investor, which I don't quite get, but the math never stacked up.

The 30% ones are much bigger.

That's what I mean.

I mean, there's no substitute for good asset allocation.

A good tax outcome is never going to fix a bad investment.

Anyone who invested in trees or macadamia nuts will- Yeah, I got 100% tax credit.

Yeah.

Investment bonds start becoming, well, they've got a lower threshold to get over.

That's right.