AAT upholds ATO decision in SMSF pension payments case
The Tribunal has upheld a decision by the Commissioner of Taxation regarding the taxation of certain pension payments from an SMSF.
The decision, Prescott and Commissioner of Taxation (Taxation) [2022] AATA 2478, concerned the different tax treatment of pensions and lump sums received by members of superannuation funds.
The applicant in this case, Mr Prescott, reached his preservation age in 2012 and elected to take an allocated pension from his SMSF.
He elected to draw $10,000 per month from his SMSF as a pension, which later increased to $15,000 per month.
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