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So on your Queensland property assuming you have had it more than 12 months Purchase Price $310000 Stamp Duty & Legals Selling costs Total Less sale price say $400,000 Capital Gain say $70000, 50% dscount $35000, tax on $35,000 at probably 39 c in the dollar including medicare levy...

How can you offset the CGT? The only thing that reduces a capital gain is a capital loss on another asset either in a previous financial year or in the same year as the other asset is sold. Get some calculations done based on your expected non capital gains income for this financial year...