“You can still be a Share Trader in a sole traidng capacity and also enjoy CGT benefits if you have set up a SMSF”
I’ve noticed on HC that a lot of people trade in their SMSF. To my knowledge this is generally not allowed as it can be considered high risk and does not satisfy the duties of a trustee as outlined by the ATO. Basically that is, that investments should be prudent in nature and trustees should exercise "skill, care and diligence at all time".
I’m no accountant (JMHO - although have accounting degree) but advise those that do trade within their SMSF to ask their accountants. I would assume that those who have at least lodged one return would have discovered this already as their fund needs to be supported by an audit from a CPA/CA etc.
Boring topic for some, I know, but I’m curious as to how many HC’ites actually do this!
