Can we change the ownership during a reconfiguration?

I've found some info from the old forum and also from the ATO about apportioning values to reconfigured blocks but I cannot find anything about this question...

If two blocks are in one person's name, does the reconfiguration automatically mean the three "new" blocks automatically go into that same name, or could we change names during the process?

I'm guessing not, because OSR would miss out on some transfer duty, but I thought I would ask?

 

Thought so Terry. We are reconfiguring two blocks into three to create a block on which to build townhouses. I am thinking it will be that the newly created three blocks will automatically be in the same name as the two blocks are now, but thought it could be a time to change it.

I've been reading some ATO paperwork that seems to explain how the values might be split so I can try to calculate what the cost base and therefore, future capital gain will be calculated three blocks that used to be two blocks... not easy, but I think I've found an ATO link that helps me.

If we decide to sell one of the blocks that holds one of the houses, that is less than half the size of the block we bought, we have to know how the new smaller block will be valued in order to try to work out what tax we will pay if we sell.

I'm thinking once we create three blocks (where there are now two), I could look at either buying half of one block or more. Doing so means paying transfer duty, and I know we would be up for capital gains tax on the transaction, but a new cost base would be established at this time for growth into the future, and future sale (if we hold long term as planned) would be taxed between us, instead of just in hubby's name.

I need to do a lot of "what if" costings.