Here are my two cents.
Because of the "trust"/trustee relation, as in a trust isn't a legal entity. I would say that the old trustee's "things" need to close/stop, and new ones opened/changed to reflect the new trustee's name. (A SMSF is a form of trust).
From an SIS Act perspective, you need to have ownership in the right names, so yes things need to change.
With a bank account, this MAY result in new accounts, I can't say for certain that all banks can change the trustee details on an account. I act as it’s new accounts. I take it to believe that the accountant is suggesting that you take the change of trustee documentation to the bank, I would also take the new companies constitution, details and certificate of incorporation, and say you wish to update the account details. So talk to the bank, and if it is new accounts then it is new accounts.
With the shares, they should be updated, I don't know what broker/platform you use, but here are steps from Commsec on what to do. I assume your broker/planform may have something similar.
https://www2.commsec.com.au/media/77770/changeoftrustee.pdf
Other things:
Life Insurances - any changes required there?
Your death benefits notices should be OK, but if you have complicated affairs, it wouldn't hurt to update those at the same time.
You do need to tell the ATO - but I assume the accountant/lawyer did that
https://www.ato.gov.au/super/self-managed-super-funds/administering-and-reporting/notify-us-of-changes/
As for the cost - I would question that.....
https://www.topdocs.com.au/documents/super-fund-establish-and-maintain/smsf-change-of-trustee
Its worse when you have a property, but I think that covers everything I can quickly think of.
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