Your first issue will be zoning, in that it might not allow you to subdivide.
However, if you're allowed to go ahead with it, the main thing to check out are the GCT implications. You can dodge them entirely on the original house if it's classified as your main residence, which will require you to have lived in it at some point.
As you are an individual rather than a company, you'll also be eligible for a 50% discount on any CGT on assets you've held for over a year, so you may want to factor that into your timing. I think this caps your maximum CGT payable at around 25%.
Good luck!
(Standard disclaimer: I'm not a tax professional; this comment is my own opinion, seek professional advice, etc.)
no subject
However, if you're allowed to go ahead with it, the main thing to check out are the GCT implications. You can dodge them entirely on the original house if it's classified as your main residence, which will require you to have lived in it at some point.
As you are an individual rather than a company, you'll also be eligible for a 50% discount on any CGT on assets you've held for over a year, so you may want to factor that into your timing. I think this caps your maximum CGT payable at around 25%.
Good luck!
(Standard disclaimer: I'm not a tax professional; this comment is my own opinion, seek professional advice, etc.)