2021 BRN Discussion, page-8926

if it’s outside of super (normal income) ...

500,000 is added to taxable income.

Tax on the additional discounted capital is 45% plus 2% Medicare (assuming no losses and assuming all gains are held more that 12 months).
If losses are offset that year, you subtract the losses from the original un-discounted gain and then halve the resulting gain.

This is not advice .. just need to read a few articles in the ATO site and run some numbers on a spreadsheet or scribble on paper snd use that old device they called a slide rule.