If you trade many stocks eg. daytrading via a SMSF, does the Audit fees become completely ridiculous because they will need to audit each trade? I believe auditors charge you depending on how many transactions your SMSF does.
If you trade many stocks eg. daytrading via a SMSF, does the Audit fees become completely ridiculous because they will need to audit each trade? I believe auditors charge you depending on how many transactions your SMSF does.
I would have thought you would have compliance problems too, given that daytrading is basically gambling I am not sure how that would sit in an investment strategy for an SMSF. You would want to get some good advice before entering such a high risk strategy.
Superannuation is wealth creation for retirement. You know, long term investment strategy. Day trading is chasing a quick buck and I wonder why you would use your superannuation if you were a profitable day trader anyway. That is you haven't blown your own funds and are now onto your super funds?
Trading inside superannuation is allowed if the 'sole purpose test' is met, the sole purpose of providing for members with retirement benefits, including to their beneficiaries in the case of death.
My experience with short term trading (2-weeks) holds, have complied the superannuation rules.
Day trading inside superannuation maybe beneficial to individuals, who are in pension phase because the tax rate is 0%.
If you trade many stocks eg. daytrading via a SMSF, does the Audit fees become completely ridiculous because they will need to audit each trade? I believe auditors charge you depending on how many transactions your SMSF does.
Depends on the provider, mine for example has unlimited transactions be it bank, or trading. Some providers err on the side of caution in relation to frequency of what is considered appropriate. I told asked my SMSF provider is 300 to 400 trades per year was ok and he said fine??