The evolution of BRP – Dissecting and applying in a modern context

National Conference 2022

The business real property definition is connected to several key compliance measures. It is essential to get it right but in practice, this is not always straight forward. We have also seen an evolution in the types of property uses since SMSFR 2009/1 was first published. In this workshop we will examine the business real property definition in detail and consider some of the technical and practical issues that arise in determining whether the definition is met.

At the end of this session, you will be able to understand and apply in practice:

  • The meaning of ‘business real property’
  • The meaning of the ‘wholly and exclusively’ use in a business test
  • What a business is and whether the property is used in a business
  • Interaction of BRP with key SIS compliance measures including related party acquisitions and in-house assets.
  • Application of the BRP definition and principles in SMSFR 2009/1 to various types of properties and circumstances
  • Analyse and assess different types of property and its use, to determine if the BRP test is satisfied.

The contents of this resource are taken to be correct at the time of publication.

Disclaimer: Technical Papers contain general advice only and are prepared without taking into account particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. Before making any decision based on this information, you should assess its relevance to the individual circumstances of your client. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this bulletin is not considered financial product advice for the purposes of the Corporations Act 2001. © SMSF Association