Goudie Sandra: Maori Fisheries Bill — In Committee 
Goudie Sandra: Maori Fisheries Bill — In Committee 
[Volume:620;Page:15618] 
SANDRA GOUDIE (National—Coromandel) 
: 
 In speaking to Part 4 I would like to draw members’ attention to clause 120 “Interpretation”. It states: “… bundle of assets means a bundle that contains 1 or more stocks of settlement quota and may contain other assets including non-quota settlement assets and non-settlement assets.” Essentially I assume that we are looking at any asset that is contained within a Maori entity as defined under this bill and I think that raises some concerns which have been alluded to by Stephen Franks. The fact is that one cannot sell the assets. If there are assets in items such as trucks or boats one would really have to express some concern that one could sell a truck or a boat only to another Maori person or entity as defined in this bill. That is patently nuts. Perhaps the Minister could take a call on that. Two issues have now been put on the table for the Minister and he is yet to take a call on either of them. One is the area around assets and assets that are not necessarily quota and not necessarily settlement assets. Perhaps the Minister would like to clarify just what is meant with regard to non-settlement assets and those assets being able to be traded only within the areas defined within this bill. 
The other question that the Minister has yet to comment on is the issue around the 19.5c in the dollar tax exemption for Maori organisations as identified in the taxation legislation. The Minister may like to comment on how Te Ohu Kai Moana Trustee Ltd fits in terms of that because it is exempt from all other provisions of income tax goods and services tax gift duty and any other taxes levies or impositions of the inland revenue Act with regard to the initial transfer of settlement assets. I would like to know from the Minister what the situation is from that point onwards for the other trustees or Maori organisations identified within this bill. If the Minister would like to comment on that it would be most helpful. It certainly is not clear from the bill what the taxation provisions are for all the trusts and “trustee limiteds” that are identified within the bill. 
I would like to get back to the bundle of assets. Someone who has settlement quota can lease it so an asset-holder can lease those assets outside the realm of the companies and trusts etc. identified within this bill. People just cannot sell quota. I am certainly concerned that trading in non-settlement assets and non-quota settlement assets is also restricted within the parameters of this bill. Again I would like to hear the Minister take a call to explain that part of the bill what it means and why it is that maybe someone could not sell a boat to anyone other than the people identified within this bill. If I wanted to buy a boat from John Tamihere I could not do that. He would be stuck with that asset so that would devalue the assets considerably. 
Stephen Franks 
: In his hands definitely! 
SANDRA GOUDIE 
: I laud Mr Franks’ humour. Some clarification is definitely needed because that certainly constrains the commercial element of all the other aspects of this settlement bill. All the other aspects outside the quota are affected by the provisions of this bill and it means a huge commercial constraint and a devaluing of the assets that are not identified as settlement quota assets. Could the Minister please take a call to give us an explanation of both that matter and the taxation regime for the trusts and “trustee limiteds” that are identified within this bill.