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Correct... the MR continues on the smaller lot being occupied. The asset is effectively split and ceases MR exemption. If you have 1400m2 and sub div into two 700m2 block then the MR exemption only applies to 700m2 that you reside in.

No MT 2006/1 explains the entity is not usually relevant to enterprise but may be. For example a trading company cant argue its has no profit motive but a not for profit is different. eg AV Jennings selling a house and land pkg is subject to GST. The Catholic Church selling a surplus block may...

It would add to the cost base or to the value of the trading stock. The costs are not lost. The issue is have you conducted an enterprise ? This will determine if the sale of land may be subject to GST and also subject to ordinary income tax. The more you do to subdivide the more likely GST...