The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
URBAN LEADER AWARDS ARE BACK! START YOUR NOMINATIONS
URBAN LEADER AWARDS ARE BACK! START YOUR NOMINATIONS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
OfficeStaff WriterWed 02 Nov 16

Experts Reveal Nine's 'The Block' Depreciation Schedules

Screen-Shot-2016-11-03-at-3

An analysis from Australia’s specialist depreciation schedule provider suggests that investors could claim an average of over $2.2 million in depreciation deductions for each apartment on Channel 9’s 2016 season of The Block.


Kim and Chris’s penthouse apartment has the highest amount of depreciation deductions available, with a first year deduction estimated to be at $87,470 and a total deduction estimated to be at $2,448,042 which can be claimed by the new owners, According to estimates provided by BMT Tax Depreciation.

Ben and Andy’s apartment at 4/164 Ingles Street, Port Melbourne, has the second highest depreciation deductions, with a total of $2,401,413 claimable over the lifetime of the property, according to BMT.

“As the property with the highest amount of total depreciation deductions available, Kim and Chris’s apartment may prove attractive to investors, particularly those who prefer their modern and contemporary styling” said Bradley Beer, Chief Executive Officer of BMT Tax Depreciation.

“While there are many factors that decide which apartment will achieve the highest price from buyers, the additional cash flow astute property investors receive from depreciation will assist them when crunching their numbers to make purchase decisions.

“While Kim and Chris appear to be the clear winners in terms of unlocked depreciation value - it’s a very close field,” said Mr Beer.

Following is a summary of the depreciation estimates BMT Tax Depreciation found for all five apartments:

The heritage art deco Port Melbourne property, formerly a Symex soap factory, was reportedly purchased by The Block’s production company for around $5 million. The building has undergone an extensive renovation on the show and when finished will be home to five luxury apartments.

Bradley Beer appeared on the show to share his expert knowledge with contestants regarding their properties' depreciation deductions.

Quantity surveyors are one of the few professionals recognised by the Australian Taxation Office as having the appropriate construction costing skills required to estimate building costs for depreciation.

Legislation allows the owners of any income producing property to claim depreciation deductions for the wear and tear of the building structure and the assets contained within.

“Despite the significant deductions investors are entitled to claim, research suggests that 80 per cent of property investors fail to take full advantage of property depreciation,” said Bradley Beer.

“Any property investor who doesn’t claim the maximum depreciation deductions available could be missing out on thousands of dollars in tax savings every year,” concluded Mr Beer.

The apartments will be auctioned Saturday November 12.

ResidentialAustraliaConstructionFinanceReal EstateConstructionSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Robots Not a Miracle Cure for Housing Productivity Crisis

Vanessa Croll
6 Min
Exclusive

Where 600 Wealthy Families Are Putting Their Millions

Taryn Paris
6 Min
Brique Projects EDM
Exclusive

Brique Thrives in Cauldron of SE Queensland Development

Clare Burnett
7 Min
Henny Prime Henny Background
Exclusive

Why Henny and Prime Edition are Moving into Student Living

Leon Della Bosca
7 Min
Riverlee Seafarer's 1 Hotel HERO
Exclusive

Melbourne’s North Bank Awakens After Decades of Dormancy

Leon Della Bosca
8 Min
View All >
Bates Smart Architects' rendering of the two towers for Lendlease, MEA and NSKRE's project at 175 Liverpool Street in Sydney.
Residential

Lendlease Signs Partners for Hyde Park Highrise

Marisa Wikramanayake
Exclusive

Robots Not a Miracle Cure for Housing Productivity Crisis

Vanessa Croll
Community

Urbanity Day One: Five Key Takeaways

Leon Della Bosca
Catch up with the big news from The Urban Developer’s annual flagship conference on the Gold Coast…
LATEST
Bates Smart Architects' rendering of the two towers for Lendlease, MEA and NSKRE's project at 175 Liverpool Street in Sydney.
Residential

Lendlease Signs Partners for Hyde Park Highrise

Marisa Wikramanayake
2 Min
Exclusive

Robots Not a Miracle Cure for Housing Productivity Crisis

Vanessa Croll
6 Min
Community

Urbanity Day One: Five Key Takeaways

Leon Della Bosca
17 Min
Markets

Turn of the Tide as Supercycles Track Upwards

Clare Burnett
5 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/experts-reveal-nines-block-depreciation-schedules