I own a property that I plan to demolish and build two new townhouses. I want to transfer the new property to one of my trust accounts in my name, starting with the project.
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Hiya @laoman2417
Transferring the property to a trust triggers a capital gains tax (CGT) event. The transfer is treated as a sale at market value. To have the trust own the property from the start, you’d need to transfer it before demolition and construction begin. This will still trigger CGT unless an exemption applies. If the town-houses are investments, the trust must declare any income earned and claim deductions as per the trust deed.
Keep in mind, stamp duty may apply to the transfer, depending on your state.
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