Bennett David: Taxation (Residential Land Withholding Tax GST on Online Services and Student Loans) Bill — First ReadingText is incorporated into the Bound VolumeBennett David: Taxation (Residential Land Withholding Tax GST on Online Services and Student Loans) Bill — First Reading[Sitting date: 08 December 2015. Volume:710;Page:8644. Text is incorporated into the Bound Volume.]DAVID BENNETT (National—Hamilton East): What an interesting speech from the Labour Party. I wish that Mr Stuart Nash actually listened to his leader who has said that they will not be having a capital gains tax. That member in his speech said that this bill does not go far enough that the brightline test which is going to mean that those who buy or sell property within 2 years have to pay capital gains—that is the true Labour Party. They want to go back to their capital gains tax. Mr Little is just taking away that policy for expediency trying to rebuild his party. The true spokesperson on revenue in the Labour Party wants a capital gains tax. He said that in his speech today. Listen all New Zealanders: Labour does not believe—Stuart Nash: I raise a point of order Mr Speaker. I think it actually should be recorded that I never once said that I want a capital gains tax. I would not like that to appear in the Hansard at all.The ASSISTANT SPEAKER (Lindsay Tisch): It is a matter of interpretation—Hon Clayton Cosgrove: It’s misleading the House.The ASSISTANT SPEAKER (Lindsay Tisch): No it is not misleading the House; this is a debating point. But I would ask the member to come back because I had been listening very closely to what the previous speaker Stuart Nash said. I would ask the member to focus on what is in the bill.DAVID BENNETT: The bill brings in a residential land withholding tax and a withholding tax basically is for those who may be offshore purchasers and who sell that property within 2 years. They would have to pay tax at 33 percent on the profit or 10 percent of the sale price. That is effectively charging them on their capital gains which is what that last speaker said when he said “we should be could be” and “I think that it should be further than what it is.”—those were his exact words and that member wants a full-blown capital gains tax as we all know.The other part of this bill was in regard to online services. Nobody has any problem in that area because it is a difficult area that is a new area of sales that is going on in the market and the world is looking at ways of dealing with that issue. This is part of the process of providing a taxation solution for that area that will enable New Zealanders to compete in the retail sector with international sellers through the online process. That is expected to raise about $40 million a year which is important for the New Zealand tax take.The third element of the bill is the student loan amendment which effectively enables the New Zealand tax system to get further information from the Australian system around New Zealand taxpayers who may have student loans. This is a good bill that deals with those three issues which are important tax issues.We note that the Labour Party is supporting this bill which is good to see. We note also that Labour members wish this bill to go further and that means that they want that capital gains tax as they want higher income taxes as they will tell you. We have yet to hear from New Zealand First members but I am sure they will be voting against this bill even though they promised to be against international holders of assets in New Zealand—yet they vote against bills that would tax those international people. This is a good bill and we look forward to the Opposition—Kris Faafoi: Inspirational!DAVID BENNETT: —actually supporting it and supporting it properly.