CGT question when selling PPOR that was once rented

Hi PC Gurus,

We bought a PPOR around 2013 as FHB and stayed in the place for a year before renting the place.

We then moved back to the house after leasing the property for 3yrs and we are still living there now...

Between 2013 and now, we acquired a few IPs.
Our intention was to move into one of them (IP1)though we ended up deciding to move back in the 1st house we purchased in 2013. However, we paid a ppor (reduced) stamp duty when purchasing IP1 though we never stayed in that property.

Question is, now that we are considering selling the 1st house bought in 2013, are we liable to pay CGT or the tax office will treat this as PPOR and hence no CGT?

Or the fact that we purchased IP1 as PPOR we lost that privilege?

TiA

 

It might be exempt depending on a few things

 

Thanks Terry, can you shed more light?

 

You would have to meet all the requirements for the main residence exemption to apply such as establishment of the property as the main residence and the absence rule

 

Thanks Terry,
How can i have that assurance before selling?
Who is the right person to confirm and engage to avoid surprises!

 

A tax agent could complete the calculation, or a lawyer could advise. Or with Terry being both, you can't go too wrong!

 

Get some tax advice or take a gamble. Lawyer or tax agent

 

I am not actiually a taxagent . I'm a lawyer and feminist.