Section RZ 7 — Income Tax Act 2007: Withdrawal income

RZ 7 Withdrawal income When this section applies (1) This section applies when a special home ownership account is closed in a tax year, and an amount is withdrawn on the closure other than an amount withdrawn under a withdrawal certificate. Excluded income (2) The amount withdrawn is treated as withdrawal income derived in the tax year by the person who operated the account and is excluded income of the person. Amounts withdrawn under withdrawal certificates (3) If an amount is withdrawn from a special home ownership account under a withdrawal certificate and the requirements relating to that account have not been met, the amount is treated as withdrawal income derived by the person who operated the account in the tax year in which the Commissioner is notified that the requirements were not met. Maximum amount (4) For the purposes of subsections (2) and (3), the amount of withdrawal income must be no more than $10,250 less the total amount withdrawn from the account under a withdrawal certificate. Defined in this Act: amount , Commissioner , excluded income , notify , special home ownership account , tax year , withdrawal certificate , withdrawal income , Compare: 2004 No 35 s IZ 3