If a person is (a) retired, (b) receiving income from a managed superannuation fund and receiving a pension from an SMSF of which he is the sole director (of the trustee company) and the sole beneficiary of the SMSF, is it necessary to lodge a "Payment Summary" with the ATO?
Hi @edward,
Whether a payment summary is required depends on the member's age and the type of pension. If the member is aged 60 or over and receiving a standard account-based pension, no PAYG payment summary is required. If the member is under 60, a payment summary would generally be required.
As the trustee of an SMSF, you have PAYG withholding obligations for superannuation benefit payments to members who are under 60 years old and the benefit is an income stream or lump sum. You also have obligations if the member is 60 years or older and the benefit is a capped defined benefit income stream.
Tax is not withheld if the member is 60 years old or over and the benefit is from an income stream that is not a capped defined benefit income stream. In these cases, no payment summary is required because the benefits paid are not assessable income and not exempt income.
Hi @edward,
Whether a payment summary is required depends on the member's age and the type of pension. If the member is aged 60 or over and receiving a standard account-based pension, no PAYG payment summary is required. If the member is under 60, a payment summary would generally be required.
As the trustee of an SMSF, you have PAYG withholding obligations for superannuation benefit payments to members who are under 60 years old and the benefit is an income stream or lump sum. You also have obligations if the member is 60 years or older and the benefit is a capped defined benefit income stream.
Tax is not withheld if the member is 60 years old or over and the benefit is from an income stream that is not a capped defined benefit income stream. In these cases, no payment summary is required because the benefits paid are not assessable income and not exempt income.
15 Apr 2026 · 4 min read time
16 July 2025 · 5 min read time
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