Hon MICHAEL WOODHOUSE (National): I think this question of "deemed intent" is very important, because how Minister Parker portrayed the changes the previous National Government has made needs to be looked at in its broader context. Like Mr Bayly, I'm not sure what the Minister was referring to when he was talking about the National Party saying other things. What really mattered was the policy changes that we made. Now, in order for something to be subject to income tax under the Act, there needs to be a consideration of the deemed intent on purchase. The timing of the intent on purchase and what goes on in the mind of the purchaser is at the heart of something that could be liable for income tax. What we found—which is, frankly, true—is that when an investor turns a property around, purchasing it then selling it within two years, it's a much harder thing to determine whether their intent on purchase was to gain income from rental, for example. And the purpose of the introduction of the brightline test at two years was simply to say, "If you do it within two years, we consider your deemed intent to have been sale for a capital profit, and therefore that's on the income account. That is taxable."