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Thanks for the early response. I've had the land since 1989. In my primitive way of thinking I was reckoning that if the ATO determined that an investment property was adjudged the same as a business, that in that financial year say, I had made $50K as a capital gain on an investment property...

I've got this friend. Ok, so much for subterfuge, it's me! I want to sell my property investment (vacant land), which will be liable for quite a bit of capital gains tax. The plan is simply to buy another property where I can either build or repair something that will give me a rental return...