Joe is a tax resident of Australia who lives in Brisbane in a home that he owns. Unfortunately on 5 November 2019, Joe's father Bob died. As part of Bob's will, Joe acquired two properties: an investment property in Brisbane and a holiday house on the Gold Coast. Bob acquired the Brisbane property on 1 July 1980 for $400,000. The Gold Coast property was acquired in 1990 for $1m. At the date of Bob's death, each property had a market value of $3m. Joe intends to sell both properties at their market value before the 30 June 2020.