SMSF Tax Query

Hello all.
This is my first post here.
I am hoping for some feedback on my understanding of the tax position on a super pension, assuming these variables:

Amount in pension - $1,000,000
Age:               55-60
2008/09 Drawdown:   $150,000
Tax free portion:   60%
Income earned 08/09: $40,000 in F/F dividends [tax free in Fund]

My understanding is as follows:
Assessable Income: 60% x 150,000 = $90,000
15% rebate:        $13,500
Tax on $90,000:     $22,000
Franking Credits:   3/7 x $40,000 = $17,142
Tax - Personal:     22,000 - 13,500 = $8,500
Tax - SMSF :        $17,142 refund cheque from ATO assuming no other     income.

Is this correct or have I missed something obvious?

Many thanks