as mentioned above: 1) for any stocks held for investment...

as mentioned above:

1) for any stocks held for investment purposes:
- if held for more than 12 months you pay tax on 50% of the gain. The eventual tax rate will depend on your other taxable income (assuming you are an australian resident for tax purposes). so tax rate at the highest level with medicare levy would be close to 25% of the 50% taxed gain (the other 50% tax free) - in effect a 25% tax rate on your gain;
- if held for less than 12 months then you are taxed on 100% of your profit. You do not pay tax of 100% of your profit but are taxed on 100% of your profit. Therefore on the same basis as above you do not get the 50% capital gains discount so the most you can be taxed is approx. 49% of the total gain. However agin it depends on your other income because the eventual tax rate will depend on your taxable income and the various tax thresholds you fall in.

2) for any trading stock - taxed on 100% of the gain and again the eventual tax rate depends on your other income - the most tax you pay is 49% of the total gain BUT that depends on your other income and the tax rate could be substantially lower.

of course losses can be offset against gains - so it can get a little complicated not knowing your circumstances.

can't see why you would sell out because even if you pay some tax you will still be better off.

above is IMO so DYOR and maybe get further clarification from your accountant as it appears to me you may be misunderstanding what he is saying.

above is not advice in any way just from what I understand but that could be incorrect so please obtain the clarification you require from a suitably qualified accountant.