McClay Todd: Taxation (Land Information and Offshore Persons Information) Bill — Second ReadingText is incorporated into the Bound VolumeMcClay Todd: Taxation (Land Information and Offshore Persons Information) Bill — Second Reading[Sitting date: 08 September 2015. Volume:708;Page:6308. Text is incorporated into the Bound Volume.]Hon TODD McCLAY (Minister of Revenue) on behalf of theMinister for Land Information: I move That the Taxation (Land Information and Offshore Persons Information) Bill be now read a second time. I thank the members of the Finance and Expenditure Committee and particularly its chair David Bennett for their report on the bill. This is no mean feat given the very short time frame the committee members had to thoroughly consider the bill and the public submissions that were received on it.As members of the House know the bill will enable the implementation of a number of measures announced in Budget 2015. It does so by proposing amendments to the Land Transfer Act and the Tax Administration Act to improve compliance with tax law.Mr SPEAKER: Order! I apologise for interrupting the Minister. There are too many conversations being carried—[Interruption] Order! Would those people having conversations at the back of the House leave the House immediately and allow the Minister to deliver his contribution.Hon TODD McCLAY: Thank you Mr Speaker. Everyone here will agree that it is perfectly reasonable to expect that everyone who has an obligation to pay tax does so. As such the proposed changes in the bill are designed to enable the collection of information to ensure that people who buy and sell property for profit including overseas buyers and short-term speculators pay their fair share of tax. At the same time we have been careful not to unfairly impact on New Zealand owner-occupiers who have worked hard and saved to buy a family home. It is envisaged that the changes proposed in this bill will be implemented by 1 October.This said the Finance and Expenditure Committee had the significant task of analysing the bill and all public submissions in a truncated time frame as I mentioned earlier. I am pleased to say that the committee has done an exceptionally good job. Its recommendations have resulted in a number of additional provisions being added to the bill by way of two simple questions to determine firstly whether a property buyer or seller or a member of their immediate family is a New Zealand citizen or holds either a resident work or student visa and if so whether they intend to live in the property being transferred.I have also been sure to listen to the views of the New Zealand Law Society whose members will be directly impacted on by the requirements in this bill. I intend to propose an amendment to the bill by way of a Supplementary Order Paper during the Committee stage so that the new requirements will apply only to contracts entered into on or after 1 October with the information having to be provided after 1 April 2016 irrespective of when the contract was entered into.This bill will help us better understand the residential property market and will inform housing policy accordingly. New Zealanders have a right to know that everyone who should be paying tax does so. This bill will make sure that this happens. I commend this bill to the House.