Water changes help lower nitrates, remove any unwanted chemicals/impurities, and make up lost trace elements. But if all those are good. Technically a water change wouldn't really benefit the tank right i imagine. If you're monitoring all parameters, and everything is in check; and your tank and corals looks good. is there any reason to do a water change?
This is assuming the tank isn't heavily stocked with SPSs and have a high demand for trace elements... but i imagine for lower nutrient systems, top offs can probably make up a lot of trace elements right?
Water changes are not needed, obviously, if everything is good, but there are many things you cannot measure (like organics that may be toxins). Water changes serve to minimize increases in those sorts of things.
Water Changes in Reef Aquaria by Randy Holmes-Farley - Reefkeeping.com
Conclusion
Water changes are a good way to help control certain processes that serve to drive reef aquarium water away from its starting purity. Some things build up in certain situations (organics, certain metals, sodium, chloride, nitrate, phosphate, sulfate, etc.), and some things become depleted (calcium, magnesium, alkalinity, strontium, silica, etc.). Water changes can serve to help correct these imbalances, and in some cases may be the best way to deal with them. Water changes of 15-30% per month (whether carried out once a month, daily or continuously) have been shown in the graphs above to be useful in moderating the drift of these different seawater components from starting levels. For most reef aquaria, I recommend such changes as good aquarium husbandry. In general, the more the better, if carried out appropriately, and if the new salt water is of appropriate quality.
Calcium and alkalinity, being rapidly depleted in most reef aquaria, are not well controlled, or even significantly impacted by such small water changes. In order to maintain them with no other supplements, changes on the order of 30-50% PER DAY would be required. Nevertheless, that option may still be a good choice for very small aquaria, especially if the changes are slow and automatic.