Bayly AndrewANDREW BAYLY (National—Hunua): Thank you Madam Chair. I'd like to talk to my Supplementary Order Paper (SOP) 477 because it essentially relates to clause 59B. This is an issue that we on the Finance and Expenditure Committee have talked about significantly. In my view this is one of those instances of something that is taking place that is terribly inequitable pernicious and wrong. What I'm referring to is the situation where we have many hundreds of thousands of New Zealanders who have ended up paying too much tax on their PIE investment income. This is an ever-growing problem.So in the last financial year approximately 950000 people who had a portfolio investment entity—commonly referred to as a PIE and that in layman's terms would mean having an investment such as a KiwiSaver account or other fund management type of investment vehicle—these people in many cases inadvertently have paid too much tax or their PIR—or prescribed investor rate—was wrong. This situation is something that has increased over time and as at the end of the 2018/19 year there is about $42 million in tax owing to these people who've paid too much tax. On the other side we've got people who have paid too little tax on their PIE investment income; the IRD under the orders of the Government have been seeking these people out and making sure that they are paying their just amount of tax on their PIE investment income and that's correct.We have a principle in New Zealand which is that you pay your necessary amount of tax but you pay no more. This issue which has arisen over time but essentially in the 2018/19 year has become very very substantial—and that's why my SOP deliberately talks about that being the financial year—from that date forward in that one year as I said before there's $42 million there will be another amount accruing in this financial year and of course this carries on. Now the bill talks about addressing this problem of paying back money owed to these New Zealanders in the year 2021/22 and that is wrong because these amounts this $50 million—maybe $60 million or $70 million by the time we get to that point—should be paid to New Zealanders earning the lowest amount of income in New Zealand. In essence most of them are amounts owing to people earning less than $48000 and individually the amount's not a lot but it is a heck of a lot of money that New Zealanders are owed by the Government. There is absolutely no reason why that shouldn't be repaid.When I questioned the Minister Stuart Nash in the House he said that it's an issue of technology. So then I did speak to the commissioner about it and she did confirm that it wasn't an issue of technology. So then it was an issue of needing to do a legislative requirement. So I helpfully drafted an SOP for the Minister and presented it to the Minister and presented it to the select committee and that would have allowed for this to take place effective from the 2018/19 year. What this Minister has chosen to do is to nick that money from those low-paid New Zealanders and retain that money balance probably up to $70 million and keep it in the Government's accounts—and that I think is absolutely wrong. There are many many hundreds of thousands of New Zealanders affected by this and I just think that the Minister seriously needs to reconsider this. I'd say to this Minister Pay the cash back Nash because it needs to go back to the rightful owners." It is inequitable."