Can shares (ASX) be purchased to negate Capital Gains Tax from the sale of a Investment Property?

I recently sold my house and made eg 100,000.
It had been teneted for the last 4 years.
I lived in it for 3 year before that.

I think i wouldnt have to pay CGT if i Reinvested it in another property.
But i was thinking of purchaseing shares with the 100,000.

Can i do this

No - there is no CGT rollover relief applicable to either of those arrangments. Anyway, why would you want to waste money on shares that will probably lose you money just to save some capital gains tax? You'll still have to pay CGT anyway, but after claiming the 50% discount and reducing the gain by claiming a portion of main residence exemption you'll probably only be paying tax on around $28,000 net capital gain.

If you're in the 30% tax bracket (depending on your level of income including the net capital gain), that's only $8,800 tax out of you making $100,000 profit. Or around $11,600 tax if you're in the 40% tax bracket. Not such a big deal - don't panic :)

See a good tax accountant who knows how to reduce your capital gain as much as possible to save you more money.

You could buy $100,000.00 worth of shares, (and in my opinion there is no better time than now). But that would not alleviate the CGT. liability.
The CGT liability would be based on a gain of $57000.00 approx. Allowing for 50% exemption the tax would be calculated on $28500.00.

Not a big problem.

But, buy some shares and make more capital gain.

Think about it.