The agent says no GST is payable on the sale.From the ATO web site: "if you purchase land to subdivide and resell for a profit, or use the subdivided land in a business-like way, the proceeds may be treated as ordinary income and you may need to register for GST."
My understanding is that the project described above would definatelly be deemed as 'a buisness like manner' since it is purely for realising profits, so subject to GST and income tax (yay, I love paying tax
So of the $99,536 profit, 1/11th of the margin would be payable in GST (using the Margin Scheme) so loose = $10,949 to ATO
Then the remaining $88,587 is subject to normal income tax
(assuming the OP has a day job earning the Aust Ave wage of $72,00, bringing total taxable income to $161,387 which is in the 37% tax bracket plus 1.5% medicare levy) so loose another $34,106 to ATO
Total cash in hand from this project= $54,481 (10.3% return on all money in $528,464)
Howz my math?
But, it's such a vital issue that it behooves me to call the ATO and grill them. It's on my to do list.