What is the cost base of a home in Australia?

The ATO says the cost base of an asset is generally what it cost you to buy it, plus other costs to hold it and dispose of it. You add five elements: the money or property you gave, incidental costs, costs of owning it, capital costs to increase or preserve its value, and capital costs of defending your title. The ATO capital gains guide says you generally ignore a gain or a loss on a dwelling that was your main residence for the whole time you owned it, was not used to produce assessable income, and is on 2 hectares or less. Keep the purchase contract, stamp duty, legal fees, and records of improvements in case that changes. This page does not work out your tax.

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