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The AAT has held that a taxpayer who, during the financial year ending 30 June 2010, withdrew from her superannuation fund over 90% of its assets in four lump sum payments, was assessable on the amounts under s 304-10 of ITAA 1997, as she did not satisfy any condition of release under Part 1 of Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994. Further, the AAT upheld the 25% shortfall penalty imposed by the Commissioner for the taxpayer's failure to include the amount in her assessable income: Xu and FCT [2013] AATA 855 (AAT, Letcher QC SM, 2 December 2013).

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