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Yep. This section applies to you. (1,200,000-400,000) x 12 years / 14 years.

s 118-192 only applies when a PPOR becomes an IP, and only if the PPOR if sold the day before it becomes an IP would have been tax free under the main residence exemption. If at any time it lost that exemption, even partially, this section would not apply. s 118-185 is when s118-192 doesn't...

Rob G was spot on when he gave the reference to s 118-185. Note - No reference to a valuation required there at all. If you want the section that refers to using a valuation, that is s 118-192 Note the requirements. Conclusion - Unless you meet the requirements of s118-192 (which...