Is it possible to reset the cost base by moving out and renting the dwelling during the DA process? I hope to be lodging in a matter of weeks.ie When I asked if it was possible to rent the property out again to reset the cost base to today's value. But was told.* There is no possibilityy of “resetting” the cost base as the 6 year rule prev…[Read more]

Scott No Mates wrote:
You'd be best advised to check your numbers Phil, paying cgt is part & parcel of the development and gst is payable as you have 'created' a new lot. Remember that you may also get some input credits for gst and you could also investigate building the new house & a quick reno on the old one to sell it off, possibly keeping…[Read more]