“Some of the older deeds can be a bit restrictive and they may simply not contemplate these sorts of arrangements. They may have some old provisions that are at odds with the new law,” Ms Westover said.

While the law will always override the trust deed, Ms Westover said trust deeds can be more restrictive than the law and SMSF trustees will want to make sure that the trust deed allows them to do the things that they might want to do under the new provisions.

“We’ve just never had this notion of caps on non-concessional contributions by reference to account balances or the notion of reversionary income streams. You’d want to make sure that the trust deed contemplates the fact that money might have come out of super and it doesn’t just automatically get directed to one person,” she said.

“For a lot of people, this might actually be the trigger to say, ‘Well, look I haven’t updated my deed, maybe now is a good time to do it, particularly since we know that we have a lot more certainty’.”