“This section about income from withdrawals has been removed from the law”
This part of the law used to talk about something called ‘withdrawal income’. It was part of the ‘General collection rules’ in the Income Tax Act 2007. However, this section doesn’t exist anymore. On 2 June 2016, it was removed from the law. The government made this change as part of a law called the Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016. Because this section has been taken out of the law, there’s no more information about what ‘withdrawal income’ means or how it works in the current version of the Income Tax Act.
