Selling one to buy two – CGT

Hi

I wish to purchase two properties in UK. Prices on the rise but still cheap. I have dual citizenship and visit every couple of years. My son will rent one full time at reduced rent, the other will be put to RE agent.

I can buy two properties in the UK for under 300 dollars. I can sell one of mine in Oz and make 170,000 profit.

What I want to know is, if I do sell it, borrow 130 from the bank, and purchase, come tax time, do I have to pay the CGT on 85 thousand (half of the 170, which will be split again, but it will put me in the 47c tax bracket), or can I offset all the purchasing costs and stamp duty etc on the two new overseas ones I have purchased?

Elsie