DYOR, but ...
Your "Investment Strategy" should specify the type of investments, and investment style, allowed for your fund. It is your choice, not the ATO's or your accountant's.
If you say in that document that you will allow short term investments then you are allowed to make such investments. I wouldn't take the advice as anything other than a personal whim of the person offering the advice.
You probably should be aware that the conventional wisdom is that most day traders lose money, though.
DYOR, but ...Your "Investment Strategy" should specify the type...
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