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No. You would have to take into account the cost base of the land and first house. No 30% tax rate either tax would depend on the owners marginal tax rate.

First y ou will have to determine if CGT will even apply. if it applies, will it apply to the whole transaction or up a the point. You will then have to apportion the house and land values for each block and work it out that way. Don't forget GST. The old house will be new land.