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It not all good news if you massively improve your initial PPOR before converting to an IP unless you can use the 6 year absence rule. If your 6 years expires ... ... sure you get the cost base increased to market value and also interest deductions on the money used for the improvements...

If you initially bought an IP then you will apportion capital gain using time, not by market value when you moved in. i.e. use the formula in s.118-185 ITAA97. Cheers, Rob