Advisers are already experiencing additional compliance obligations brought about by the target market determination requirement under the new DDO rules.

Despite changes allowing the electronic execution and signing of SMSF deeds, paper copies are still the most flexible and applicable documents for trustees.

Trustees seem to have been slow in adopting measures to document how they are considering complying with the best financial interest duty.

The documentation of sound compliance practices could be all SMSF trustees need in order to prove they have adhered to their best financial interest duty.