Capital Gains Tax

Thank you, Terry. I will get tax advice as it is confusing Below is what I viewed on the ATO site:

To be eligible for the main residence exemption, the following conditions must be satisfied:

the taxpayer is an individual
the taxpayer is an Australian tax resident
the dwelling was the taxpayer’s main residence throughout the ‘ownership period‘, and
the dwelling was not transferred to the taxpayer as a beneficiary in, or as the trustee of, a deceased estate.

Reservoir property is not our main residence as we now live in the house we bought in Seaford 

Below is also from ATO site

Where the dwelling is used to produce assessable income when the taxpayer is absent (for example, is rented out), the exemption will apply for a period of up to six years. If the dwelling is re-established as the taxpayer’s main residence, another maximum period of six years applies if the dwelling is again vacated. The taxpayer can only continue to apply the main residence exemption to the vacated property where no other dwelling is treated as a main residence during the period of absence.

So from what I have read, I can rent it out up to 6 yrs then need to move back in to reestablish reservoir as the main residence and remove Seaford as main residence as can only have 1

So choose 1 before selling? Don’t intend to sell for at least 5 yrs Reservoir would be the one to choose as it has gone up in price by 400-500% and anticipate more in  5 yrs unless some economic down turn Our new PPOR is possibly similar price to when we bought it 1 yr ago

As we didn’t get a market appraisal when we started renting out our previous PPOR last year, is it too late?
Thanks for your info and will get tax advice Duden the track