Canberra – subdividing a RZ2 block

Hi,

I am after a bit of advice in subdividing a block in Canberra. One has come onto the market in my area and it is piqued my interest. It has an older 70’s house on it, block is >900m2. My first thought is if it has come onto the market a deal is going to be hard to find but it has made me see the opportunities in this space.

Can anyone provide advice on what is required/costs to split these blocks. I have also read about something called betterment tax in the ACT but have not been able to work out what this entails. Any advice is appreciated.