My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advice but a guide to assist you.
There is a rule that allows you to treat is as your principal place of residence even if you rent it out for a period provided you have elected that it is your principal place of residence
The following link from the ATO gives you an explanation with examples.
I am not sure what you have done with your accountant when you decided to rent it and that is important. But if you have elected that it is your principal place of residence, even thought you rented it, you should not be liable for CGT.
If you have to pay CGT there will be an adjustment based on the period you rented and the period you lived in it. '
Your accountant can give you more information on this and also what the tax would be based on your taxable income. CGT is not a fixed amount of tax. It is added to your income and you pay tax as if it were income earned in that year
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