here it is, straight from the horses mouth you should ask your questions direct on the ATO website it does not hurt, nor bite cheers
Land as a capital asset
Vacant land that is a capital asset is subject to the same capital gains tax rules as other properties. When you sell it, you'll need to work out your capital gain or capital loss and pay tax on any capital gain.
Keep records of the date and cost of obtaining the land, and your ongoing expenses, such as council rates and loan interest. These expenses can be added to the capital cost of the land for the purposes of working out your capital gain or capital loss when you sell it. http://www.ato.gov.au/General/Property/Vacant-land/
