Sale of house in the UK and implications for CGT in Australia

Hello,
I would love some advice and guidance about my situation:

I am originally from the UK and purchased my home there in October 1997 for 82,950k pounds. This was my only property and PPOR until 2007 when I moved to Brisbane to work for a year.

I had planned to sell the home, had it valued at 285k pounds, and marketed it, and had a buyer. Unfortunately, they pulled out late in the day, leaving me little time to repeat the process and so decided to rent the house instead.

Tenants moved in in December 2007, and the house has been let from that date until June 2015.

After being in Australia for a year and loving it here, we decided to stay on (457 visa) and then applied for permanent residency which was granted on 30 July 2010 (subclass 856 employer nomination scheme).

From December 2007 until January 2011 we rented a unit, then purchased our home here, where we have resided ever since.

The UK property has been empty since June 2015, and marketed for sale. It has just been sold (subject to contract) for 282,500K pounds.

My query is as follows:
As the property was valued prior to being let, and the sale price achieved is less than this valuation, this appears to be a capital loss, not a gain. My assumption then, is that no disclosure is required to the ATO on my tax return. Is that correct?

Thankyou in advance.

• This topic was modified 8 years, 8 months ago by  Geraldine. Reason: Misleading