The nationwide approach to the electronic execution of documents should be retained but state based irregularities must be removed, according to a peak law body.

Directors of an SMSF corporate trustee will be required to comply with a new identification process introduced through legislation passed earlier this month.

SMSFs looking to prepare special purpose financial statements will need to ensure their trust deed is set up accordingly thanks to a newly amended accounting standard, the ATO says.

SMSFs relying on SIS provisions regarding binding death benefit nominations (BDBN) may find them unreliable and unable to withstand a legal challenge

Issues around the electronic execution of SMSF documents have been simplified with temporary federal regulations removing different state-based requirements.

Conflict of interest clauses will not absolve SMSF trustees of their best interest duties, a legal firm has claimed.