evin had been a sheep farmer in regional Victoria for the past 30 years and on deciding to retire and move to the coast he sold his farming property. He was advised by a local real estate agent if it were to sun divide and sell his farm in smaller parcels of land he would achieve a better price, so he proceeded to do this. Kevin engaged a surveyor and applied to the local council for the relevant development applications to subdivide the land into five-acre blocks. All up this cost him $650,000 which included the removal of trees, land levelling and road clearing. In March 2023, Kevin was offered $2,000,000 by a property developer for the entire sub-division. He accepted the offer and settlement took place in June 2023. The developer then went on to connect utilities and offer house and land packages for sale. With reference to relevant legal authority, advise Ken of the taxation consequences of the sale of the blocks