Hi, I believe the rental property I just sold was an active asset given it was rented temporarily at the time of sale and I managed the property, is this reasonable?

no mate, unless you are running a business of managing a large number of properties you are never going to get that across the line.
I presume what you are looking to do is apply the general discount of 50% then apply an active asset discount of a further 50%, then if you are over 55 you could apply the retirement exemption and walk away with nil capital gains tax.
I like your thinking but its never going to fly. The ATO is all over that game and they dont like it when people try it on.
I note that you state that the property was rented temporarily at the time of sale......does this mean it was not a rental property for the whole time you owned it???
regards
Brendan

Hi robert, yeah...nahh. If you sold it then the CGT issue is happening this financial year. Bear in mind there are a few aces up your sleeve still:
1: you CAN choose to apply the Principal place of residence exemption for up to 6 years after you move out.
2: you can do whatever you need to do in order to reduce your other income THIS year:
eg salary sacrifice into superr
eg dont get paid (dont laugh!) I mean defer wages for a month or two if your employer will play the game
eg make other tax deductible payments

A note for you about tip #1: you can only apply the PPR exemption to ONE house at a time, so if you moved out of house A and bought a new home, then you need to choose which house you are going to apply the PPR exemption on.....most people choose to pay less tax TODAY because they may not ever sell house B. If you need to discuss this further let me know and we can discuss over the phone.
cheers
bc

or Tinkler........