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'problem' solved

As Paul said that is the worse case scenario and it will all depend on the situation and how you conducted the process. Why not book a consultation with Paul and work through the issues and at the same time plan ahead for the next one so as to reduce tax as much as possible.

It seems you purchased with sub-division in mind so perhaps this will be on revenue account and CGT won't apply. You also sub-divided the land so the land on the first block is actually new residential land and this is the first sale. GST could apply to this. The second block was not your...