As Terry indicated a similar case in Brisbane had such facts. The original intention was to demo and build./ That never eventuated and the old house was rented for several years. On sale the ATO denied it was a CGT event and argued the intention when it was acquired was to make a profit.
If...
Ummm no. Your property is not subject to CGT. Its subject to normal income tax and GST. Trading stock principles allow assoc costs to reduce that profit. The Margin Scheme may reduce GST payable on each sale too.
Forget CGT its not going to happen. You really need personal income tax advice...
