The Block, low rates and spring makes for a season of increased renovation spending

Economic research undertaken for The Saturday Age suggests the popular reality television show The Block has a statistically significant impact on the economy when it comes to renovations. Spending on renovations across the nation is boosted by $251 million each time the series is broadcasted. See full article here. So with spring in the air,  low interest rates and the current series of The Block airing on our television screens, it’s almost a given that Australians will be spending big on their renovation projects. People are investing in renovation projects on their properties as an alternative to a complete upgrade. Investment property owners are often unaware of the tax deductions available. It is possible for Australians to claim thousands back after renovating a property which generates income. Renovations can be expensive, so it makes financial sense to take full advantage of the tax depreciation deductions available. As a building gets older, items wear out – they depreciate.
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Posted on 3/09/2014 3:53:19 PM +10:00