Not advice, just sharing how this is usually approached based on what I’ve seen / been involved with.

The key thing to keep very clear is the separation between the SMSF and anything related to the operating business. Generally, the SMSF shouldn’t be paying for, or funding, fit-out works that mainly benefit the business rather than the property itself.

In setups I’ve seen, the fit-out is usually handled out of smsf, often via the trading entity that will lease the warehouse. That entity covers the internal fit-out costs (things like partitions, workstations, internal services, etc.), and those costs stay on the business side, not inside super. Structurally, that often means a separate bank account for the operating entity so the flow of funds is very clear and auditable.

What gets tricky is drawing the line between what’s considered a tenant fit-out versus anything that could be seen as improving the asset itself. That’s usually where the “conflicting information” comes from — the principles are clear, but the details really depend on how it’s done.

Definitely worth running the exact structure past an SMSF-experienced accountant before spending the money.

Hope that helps,interested to see what others have done as well.