Is anyone doing this. I've had a personal a/c with IB for around 10 years and now I have an account with them in the name of my SMSF. These days I'm trading mainly fx and occasional futures, no stocks or anything else, (not with IB anyway). I have drawn up a Risk Management Statement for the SMSF to outline risks etc in this type of trading. At this point I've done very little trading with IB in the SMSF.
I'll likely have several hundred fx trades/year with IB in the SMSF. How do accountants/auditors look at this, I mean they normally charge per transaction. But with fx trading with IB you just get a cash report at the end of the year that shows commissions/deposits/withdrawls/fees/transfers/interest/Net Trade (Sales)/Net Trade (Purchases). It's a very concise report with all the info in one place, there is no need to look at individual transactions as such. (Note: I'm assuming trading just fx here, no shares or anything so there will be no CGT events and no dividends).
I'm thinking of moving away from my current SMSF auditor, mainly because their fees are going up 30-40% each year. Can anyone recommend a friendly cost effective auditor. My SMSF is pretty simple, 2 members, an operating account, 2 other bank accounts, an NAB trading account for (share investing) and now the IB trading account, that's it.