Tax Implications of a assigning a Property Option

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(Newbie)Newbie

1 Dec 2021

I have been granted an option to purchase a property for $500,000 in 12 months time. My cost to acquire the option was a $5,000 option fee. The option contract states that I can assign the option to a third party without the sellers consent. I have been approached by a third party who is willing to pay me $50,000 for the option. If I assign the option to the third party for $50,000, will this be a CGT event? i.e. $50,000 - $5,000 = $45,000 gain. (Please provide ATO legislation if possible)

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