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I stand corrected. I didn't know that super funds only receive 1/3 discount. So on gains of 600k, 200k of which is tax free, you'll have to pay 15% on 400k.

Based on the rules, it would seem (simplistically) that you'll have to pay 15% on the capital gains. Now, assuming sell price of 1.5m and cost of 600k, that's 900k. Discount by 50%, so gain of 450k. If it's distributed to two people and the first 100k is tax free for each person, you pay 15% on...

I wouldn't assume the 100k is going to be indexed. If the objective is to tax, then it is more likely to remain static and let it fall in real terms.

Price is what you pay. Value is what you feel you received. Price does not always equal value, partly because everyone has a different opinion of what the value is. Price also depends on how many people you can provide value to, and the means of those you provide value to. For nurses, etc...