Paul Rafton, national superannuation partner of BDO, said some of these themes are longstanding, but others are more recent.
Although it may seem trivial, ensuring documentation within a fund for all processes contains the correct information is one area that is often overlooked and is one of the key areas of the ATO, Rafton noted.
“It’s important for trustees to make sure that all fund assets are held in the correct name of the trustee and the SMSF,” he said.
“The ATO has really dialled up its messaging in this space and for good reason. The separation between personal and fund assets can become blurred. This is a fundamental breach of the sole purpose test and the separation of assets rule, and it’s something auditors are now under more pressure to report.”
Rafton added that in conjunction with this is the emphasis on keeping accurate and timely records on all aspects of the fund.
“Trustees should make sure that they have complete and up-to-date documentation, whether it’s missing trust deeds, poorly documented investment strategies, or related-party arrangements without proper documentation.”
“These are things that can trip up otherwise well-managed funds. The ATO has made it clear that documentation isn’t just a compliance formality – it’s the backbone of a fund’s governance.”
With new legislation slated to be introduced, Rafton said SMSF trustees should also now consider how and where they want their superannuation to be distributed, both before and after death.
“Succession planning is becoming more of a focus, and rightly so. SMSFs with older members need to ensure that the question of who controls the fund in the event of incapacity or death is clearly documented.”
“Once again, having the right documentation in place, including binding death benefit nominations and enduring powers of attorney, is critical.”
The common thread across these aspects was governance.
“It’s not just about ticking boxes. Good governance protects members, ensures compliance, and ultimately gives trustees peace of mind that their retirement savings are in good hands,” Rafton said.
Furthermore, Rafton said, trustees and their advisers need to keep a close eye on legislative changes as they will impact future decisions regarding many aspects of running an SMSF.
“There are a few key developments to keep an eye on as 2025 progresses, and top of that list is Division 296, the government’s proposed new tax on total superannuation balances above $3 million,” he said.
“We are still waiting on final legislation and guidance around this, and until this is finalised, we are urging clients to avoid knee-jerk reactions.
“Outside of the Div 296 tax, I think we’ll continue to see a broader conversation around the purpose of super, especially with the legislated objective now in place. This may start to influence future superannuation policy decisions.
“Overall, it’s a time for trustees to stay engaged and informed, not reactive. There’s opportunity here, but it needs to be managed with care.”
