“I think it’s certainly going to test parts of the industry which I think is a good thing. Within the SMSF professional space, it will certainly separate those who are serious about SMSF administration from those that are just playing around,” Mr Miller said.

In some circumstances, the changes will require a major overhaul of internal systems, he added.

“I suspect that the larger firms that are using the cloud-based systems are probably in a better position although that doesn’t necessarily mean administratively they’re ready yet.

“I think there’s certainly a greater level of pressure on the administration process than what we saw in 2007 where it was more about the dollar value of what you put in rather than what you already had in there.”

Mr Miller said the new rules will also make trustees think about whether an SMSF is the right approach for them.

“I think it will challenge the whole advice process and ensure that people do it for the right reasons,” he said.

“We’ve already seen a number of issues with best interest that have come up in the past few months.”