Russell DeborahHon Dr DEBORAH RUSSELL (Labour): There's a long way to go on this debate. I just want to run through the topics that are addressed in Part 2 of this bill. There are the global anti-base erosion (GloBE) rules and we've had a bit of discussion about that though I still have some questions on the GloBE rules. There are a whole set of changes to the trustee tax rate which are pretty important and we need to go through those as well. There's some really significant changes around the tax treatment of ACC lump sum payments—we'll want to have a good discussion about those. We haven't had any questions on those yet or on the trust rates yet and we do need to spend time on it. There's some pretty significant rollover relief in respect of the North Island weather events. We do want to talk about that and why it's important and make sure it's covered. Then there is some other stuff on overseas donee status. There's some changes around the extra pay on termination. There's some changes around gift-exempt bodies. So that's just all in the bill as it was presented the original bill. And some of those topics are actually really important for us to keep on discussingI think we're going to have to settle in for quite a long night because that's just in the bill and that's leaving aside the Amendment Paper. And we've had quite a bit of discussion—already some discussion on the brightline test and on interest deductibility. Now I want to talk on both those topics as well in due course. I do just want to finish the questions I have on the GloBE rules. And there's also some rules around building depreciation which is sitting in that Amendment Paper and some really interesting changes around trading stock disposals. So those are pretty significant changes. So by my count that's one two three four five six seven eight nine 10 11 pretty major topics that we will want to talk about. So I sympathise with the Minister but tax bills are dense and complex and they are incredibly important. This is where the Government asks people to make a contribution to New Zealand to the way we build our society to the way we fund the things we like to fund. Hon Erica Stanford: What's the question?Hon Dr DEBORAH RUSSELL: They are not minor or trivial bills and we do actually need to discuss them in full. I notice the member over there interjecting. Perhaps she would like to take a call herself.Hon Erica Stanford: Get to your question. Stop fluffing around.Hon Dr DEBORAH RUSSELL: How very rude. So having gone through the information about what we need to talk about I do want to revert to the GloBE rules. And there is a particular question there. I just noticed as I was reading through this again. I want to direct the Minister's attention to clause 44. I'm looking at the new section HP 5. If the Minister's looking for it it's on page 57 to help him to find where he needs to go on that one. In particular there is a term that is introduced there. It's introduced by reference to the global anti-base erosion model rules and it's the term a fiscal year". Now I'm familiar in our tax law with the term "tax year" and I am familiar of course with the term "income year". But I'm unsure if I've seen the term "fiscal year" in our tax legislation. Now I'll have a quick look for myself but I don't think it sits in our legislation.So what I would like the Minister to do is just to talk a little bit about what that fiscal year is. Now I know it's defined in the OECD model rules but I would like to understand that term "fiscal year" and how it differs from the terms we commonly use: tax year and income year. They're different concepts. I'm pretty sure it's a pretty standard meaning but here is a new term entering our legislation. I would like to understand what that term actually means. So I think that might be almost my last question on the GloBE rules before we move on to another tack but we'll see how we go."