John is a dairy farmer, owns a piece of 150 hectares farm near Wagga Wagga. He has a dairy herd of 200 cows and have been operating the farm for the past 25 years. Due to ill health in September 2014, John decided to cease dairy farming and subdivide the land into 300 building blocks. He purchased the land in 1982 for $500,000 in 1982. It is now worth $15 million. Recently John gave his son a block of land as present after successfully completing his PhD. The piece of land has a market value of $250,000. At the end of June 2015, John had sold 15 blocks of land for $200,000 each. As a result of the successful venture from the sale of the subdivision of his farm, John purchased another farm comprising of 60 hectares at a cost of $1 million. He has plans to subdivide this piece of land.
Advise John on his tax consequences of the above transactions.
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