vacant land sub-division- ? capital gains tax

Hi all,

I am in the final approved stage (throughCouncil) of sub-dividing 4 acres off a 30 acre block, zoned “rural residential”, coastal Vic.
I purchased land in 1994 ($44,000 approx) and currently use it for a small beef farming enterprise and have a TFN as a primary producer.
My intention was to hold for a few years, ( retiremment bonus)however, this “sea change” area is active with people looking for blocks now and I have today been approached for a “first offer to sell.”
That’s OK, but I now need to know how a sub-divided block is assessed for capital gains tax if sold. ?

I have had a horrible feeling just now that it may be something I have over-looked, and be treated by Tax Dept. as income earned off my land as a p.p.
Of course I will ask my accountant next visit, but would like to know if anyone has been in this situation, sold, and/or knows the likely Capital gains Tax implications of sub-divided blocks??

Any info. would be appreciated.

Feet first[cowboy2]