Looking at both of these to hold for 20yrs+ and create an income stream whilst not touching the capital. I like to compare these options and more so look at how the tax works with the DSSP and investment bonds. From my understanding: Both Afic dssp and investment bonds- do not need to declare anything in tax returns IB- taxed internally at 30% Dssp- I think still taxed internally at 30%? Withdrawals- IB- after 10yrs withdrawals are tax free (I think they must still be taxed at 30% internally?) Dssp- I can switch off dssp and realise gains for an income stream and take advantage of franking credits. Disregarding performance and fees, is there a clear winner tax wise?