“In the background we’ve still got all the vagaries of financial markets. We saw the kind of pressure people and the system came under when we were suddenly hit with the credit crisis. It froze certain types of investments and now we’re faced with low global interest rates,” he said.

“If those sorts of pressures come along then the tax matters won’t seem to matter as much.”

Mr Jones said ultimately the SMSF industry will be judged on the retirement outcomes it achieves for its members and that “simply complying with the latest reforms will not, of itself, protect a fund from poorly performing investments”.

“Rather, SMSF trustees need to remain focused on ensuring that their portfolios are suitably equipped to withstand any market volatility,” he said.

“To this end, the long-term strategy should remain on gaining exposure to multi-asset portfolios that are built and managed to meet specific retirement objectives.”