My husband and I purchased a property in 2022 and treat it as our Primary Place of Residence. This is the only property we own. We occasionally rent out the entire house through Airbnb for short term stays when we are not using it, as we sometimes need to travel due to work commitments.
Although we occasionally rent out our property throughout the year, the total accumulated amount of nights rented out within a year is less than 80 days.
The settlement on the property was in February 2022. I listed my property on AirBnB in April 2022 and the first booking I received (rented it out) on AirBnB was in May 2022 for 10 days. I lived in the property from 3/02/2022 until 9/05/2022 before renting it out for 10 days. All of our personal belongings have remained in the property during the times my property is rented out on AirBnB. My electricity, gas, water services are all registered to my property's address, as well as my electoral roll address, council rates and driver's licence.
We plan to possibly sell the property by 2028.
I have a couple of questions:
1) Will I have to pay Capital Gains Tax when I sell? And if so, what concession or partial CGT exemption will I receive?
2) Will the '6 year leave of absence rule’ apply, so we are exempt from paying CGT?
Thank you for your time to answer my concerns and providing advice.
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