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A SMSF is just another vehicle in which to hold assets in a tax advantaged environment.  I don't know how many people with SMSFs would actually want to engage in multiple short period trades, but my accountant has never placed any limit on number of trades or warned me against exceeding a given number.  The only very clear restriction I'm aware of is that the fund must be operated for the sole purpose of providing funds in retirement.  That's a pretty broad brief.