House Sale - Reduce/Minimise/Negate Capital Gains Tax

Hi All

I intend to speak to my accountant about these matters too, but just wanted to run this situation past any informed Ozbargainers as a viability check.

I have an investment property which I bought some 20 years ago and intend to sell - the property is entirely in my name. If I can sell at the average price for the area, the Capital Gains payment is in the order of $140,000 which I'm naturally not wanting to pay.

I'm just seeing if there any loop holes to reduce/negate the need to pay Capital Gains by gifting / transferring the house to my wife.

My plan is to transfer the title to her name, with this process as I understand being possible at no/minimal cost or stamp duty payments required if it's our Principal Place of Residence (PPOR). We're not against moving into the house to achieve this status and live there for 12 months. If anyone has any other legal and sneaky ways to transfer title, I'd happily accept the advice!

With the ideal future state being that the is title fully in her name, does anyone have any insight on how her Capital Gains will be calculated? I anticipate her calculation wouldn't be against the original purchase price which she did not actually pay - I'm just not sure what amount it would be calculated against/from.

My guess would be that we'd be best to get a house valuation done at the time of the title transfer, and use that as the base in order to calculate the capital gained from the eventual sale.

Thanks in advance for any informed responses about this.

EDIT: Sorry I mistyped - the property capital gain isn't $140,000. This is the additional amount to my personal tax after 50% discount and applying 40% income tax.