Confirming a CGT thingy

House was PPoR for years.
Became IP in 2009, bank valuation of X in 2008 when it was refinanced
Sold (still crossing fingers but the buyer had conditions and they all came up good so on all accounts this is a done deal) for LESS than the 2008 valuation
I can't apply the 6 year rule, obviously, because the damn thing took the best part of 2 years to sell and has been an IP as well.

Just double checking this means no CGT payable, for all the bad reasons?

Fortunately the house is paid down so far while we make zero profit overall, we still get a large wad of cash at the end. Also the math means the holding costs for the 7 years I had the house - including buying and selling costs - are $0 too. No loss, no gain. Complete zero sum property.

Why do you think the six year absence provisions cannot apply ?

Because we are in another PPoR now, and THIS one has had truly ridiculous capital gains in a fraction of the timeframe the other one has had none. You can't have *two* houses CGT free for 6 years, and there's no extension on the 6 month overlap rule for areas where it takes so long to sell a house you give up and rent it out in the meantime.

Understand now, the CGT absence provisions can apply but you chose for them not to apply.

Then its the value when it first became an IP - assuming it was a 100% exempt main residence prior to renting.

Cheers,

Rob