Bayly Andrew; Parker DavidANDREW BAYLY (National—Port Waikato): Thank you Mr Chair. I acknowledge those challenges that the committee considered those issues carefully as the Minister will be well aware. Particularly around cryptocurrency as the Minister is also aware the use of hybrid instruments around cryptocurrency we thought it was appropriate that it should remain as it would with shares or some other hybrid or derivative so the issue around cryptocurrency was an important issue that the committee considered and we think that was useful. The other one is as the Minister quite rightly points out the domestic lag of an international transaction and the committee found that it was an appropriate amendment because of as he said the complications around that.I just want to talk now about the records of taxable supplies and for people who are listening in there is a change to the requirements around records for taxable supplies and it might be just worthwhile the Minister talking a little bit about this. So at the moment when people go to buy an item like a power tool from let's say Mitre 10 a good New Zealand company they will get issued a receipt at the till. That surprisingly what most people don't understand is it doesn't actually constitute a taxable invoice because under the current Act that does not have all the necessary information. So what I was hoping the Minister might do is just elaborate a little bit more around the new arrangements around the invoice because there is now a cut-off and the committee talked about this at length around if you are buying an item up to the value of $1000. Then as I understand—and this would be useful for the Minister to confirm—that till receipt in effect will become legitimate because there is a de minimis or minimum value that's now been applied. And for an item that you acquire for more than $1000 then there is a greater level of disclosure. I suppose the question I really want to ask because I'm hoping the Minister will inform the audience is: will a point-of-sale document other than a handwritten invoice—because a lot of small businesses and we've got 350000 of them don't want to be sitting there writing out hand documents—still be deemed appropriate or what are the rules around that? So it'll just be helpful if the Minister could elaborate on that particular issue.Hon DAVID PARKER (Minister of Revenue): I'm happy to assist the member who was on the committee and I'm sure understands these issues well. These issues are dealt with in clause 19 of the bill. The member is quite correct that the practice in commerce has overtaken the old rules and the terms invoice" and "tax invoice" are being replaced with "supply information" and "taxable supply information" which are simpler and can better accommodate the till receipts that the member refers to as meeting the obligations needed to be valid tax records. So there's less specificity as to the form of what used to be a tax invoice; more flexibility—Andrew Bayly: So will a point of sale work?Hon DAVID PARKER: I will check that with officials but I would except that a till receipt from the likes of Mitre 10 as the member said would qualify as a record of a sale for GST purposes if the GST number is on it. I'll check that with officials but that's my understanding—yes up to a thousand dollars that's correct."