I'm trying to work out how CGT would be calculated for the following scenario. Property was purchased in brother and sister's names pre 1985. 1/2 share transferred from sister to brother in 99 as a purchase at market value. Selling now. I'm guessing the 50% discount method might work well, and there would be an additional 50% reduction for the half share held from pre 85? Is this correct?
Get advice from an accountant, but my understanding is you would treat the 2 portions separately, so 1/2 would be pre-85 as you said, and the other half will be assessable, so you may be able to apply the 50% discount if you meet the discount rules. But it will be on the '99 cost base.
