Wow thanks for the detailed responses Ian, Loza and taxmenot, I did not expect that.
Ian - I agree, will probably end up leaving the property on my name and my brother can live in it.
Loza - Discretionary trust sounds interesting, I did not know that was an option, the property will probably be paid off in a few years, so that's given me an option to think about now
Another thought occurred to me - I could just gift the property to my brother in say 4/5 stages over the next few tax years and calculate the amount to gift, to set the CGT payable each year to nil (of course would have to work out relevant percentage to gift each year for this to happen)
For example I could transfer 20% of it to him for the 1st year. The property would still remain as a rental property so, 20% rental income would be his and 80% mine. And this is what would be reported on the tax returns each year. The 2nd year transfer another 20% and report relevant rental income on tax return for him and me.
Would this be ok? Sounds too easy though.
What would the process for this be? Is it just a legal doc each year?