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At least you will have recourse to sue the advisor who will have PI insurance to cover any negligent advice - assuming they are advising in their area of practice.

All of that is irrelevant. But if you spend money on renovations this will increase the cost base and thereby reduce CGT. But as Rob points out you will pay tax on part of the growth because it is calculated on a % basis so your renovations are increasing the value and benefitting the ATO as...

This is not correct. If you move out of a main residence and rent it then the valuation at the time of it firs producing income is relevant, s118-192 ITAA97 However, if you move into a rental property then it will always be subject to CGT based on a percentage basis. s118-185

great quote!:D