An investment property was in joint names until 30.9.1991 when it was transferred into my name only. It is valued at around $650,000. What will be implications of CGT upon death of myself or my wife. We are both 80.?
A couple of issues to consider.
Presumably you initially acquired the asset after 19/9/85.
On your death your beneficiary (as to this specific asset) will be deemed to have acquired the asset at the purchase price you acquired it. If your ownership is pre 19/9/85 then your beneficiary is deemed to have acquired the asset at market value.
Hope this helps.