CGT – Reduction?

I am a novice and after reading various discussions on this forum, my mind is spinning many possible scenarios which could help with my future investment plans and tax savings. It would be helpful to get your thoughts so that I can judge knowlege of my accountant (which I have started to doubt). [angry2]

Once such situation is –

Background
Say a property was bought for $230K and now if sold would fetch about $350K. The husband owns this IP in his name soley. So would incur CGT on the profit of 60K (ie 50% discount on 120K profit). The tax rate for husband is 48.5% therfore tax would be payable of $29k. [jealous]

Situation
The husband transfers the title soley to his wife’s name i.e. as a gift. (I understand there is no stamp duty for changing the title to spouse’s name and is less complicated then transferring to a third party…is that right?) [party]

Now the wife sells the property for $350K.

CGT questions
1. What is the wife’s cost base to calculate capital gains?
I think the CGT laws states that if a person acquires a gift, for CGT purposes, then the cost base would be mkt value of the property at the time the gift was received. Therefore her cost base should be around $350k as well. She sells it for $350K, hence no CGT. Tax saving of $29K[specool]

2. Does the husband has any CGT implications?
As he has given the property as a gift there should be no capital gains implication……… unless similar rule applies i.e. he is deemed to have sold the house at the mkt value ie $350k. In which case he is back to square one.[weird]

I realise this question should be posed to a qualified accountant and would be. However, just wanted to have some views. Apologise if it sounds complicated or unclear.

Kind regards

Bid