Smith StuartSTUART SMITH (National—Kaikōura): Thank you Madam Speaker. It's always good to talk about tax particularly when you're not at that moment contemplating your tax bill. Everyone wants to minimise their taxes and only pay what they need to but we do need to pay tax. I take the Minister of Revenue's point about recognising the very important role that Inland Revenue play in New Zealand. This bill is an attempt to make life easier for New Zealanders to meet their tax obligations. That's a very good thing.The previous member spoke about the emergency provisions in this for emergency events. I wasn't here in Parliament in 2011 after the Christchurch earthquake but then in 2016 I was when we passed a lot of the legislation that had been passed in 2011 in response to the Canterbury earthquake all over again for that emergency in 2016. It was late-2016 2017 that that legislation went through. And then again we had to react with the Cyclone Gabrielle event. It seems nonsensical to keep doing these over and over again. While we won't get it right with this framework for every event we're giving so much discretion to the Minister but with good guardrails around that to make sure that it is responsible and meets the need of the moment. It's really important that we do respond quickly and appropriately. So that is a very good piece in this bill.The KiwiSaver changes that are going to be made I think are fantastic. I've had a few complaints about that from constituents both ways—those coming into New Zealand and those trying to transfer out. It is overly complicated and very difficult at a stressful time for people anyway to make it much more simple. To have that flat rate of 28 percent I think is a fair result. They have to pay something on it and let's get it all out there so people know what they're doing. Goodness knows we need good skilled people coming into New Zealand and we don't want to discourage that as well.I do also want to talk about cryptocurrency. Actually Madam Speaker as you'd be aware I hosted Binance a crypto-trading platform in Parliament on Tuesday night. They are very keen to get regulation in this area. While these tax provisions are for entities trading in and platforms providing services into the crypto-area I think that a misconception about cryptocurrencies is that it's the place for illegal transactions and so on. I'd like to point out that cryptocurrencies are based on a public ledger. So let's say that someone did misrepresent their tax return the Inland Revenue actually can go all the way back to your very first transaction in the public ledger and assess the liability for the tax you should have paid—much easier than it would be otherwise. So cryptocurrency is going to play an important part in the global economy at some point over time. It's important that we get our legislation right and in a fit and proper state for that.I look forward to working with Dr Deborah Russell on the Finance and Expenditure Committee on this. Deborah always has very thoughtful contributions to make about tax. I'm very pleased that they are supporting the bill through first reading. I think that's a great sign of cooperation and collaboration on the other side of the House.I welcome this bill. I look very much forward to the submissions and going through select committee. I commend the bill to the House.