The latest season of The Block is hard to forget, with winners Jimmy and Tam taking out the title with $1.06 million dollars. Meanwhile, the buyer advocates were left behind when IT entrepreneur, Danny Wallis, dominated the auction and took home three of the five properties.
The Block 2020 produced a combined auction-winning profit of over $3.2 million dollars, a result never seen before. As the dust settles, let’s take a depreciation-style trip down memory lane and reflect on the BMT and Block record-breaking history.
We completed our first depreciation estimate during season seven of The Block. Since then, we haven’t missed a season. Over the years, auction results haven’t always gone the contestants’ way, however we have still found millions in depreciation deductions from all luxury properties.
From rundown hotels to century old houses
The Block 2018, 2019 and now 2020 has taken the contestants to renovating rundown hotels like the Oslo and Gatwick, to renovating old weatherboard houses, some of which were over 100 years old.
These three seasons alone produced almost $50 million in total depreciation deductions across all fifteen properties! The 2020 winners, Jimmy and Tam also came out on top with the highest estimated depreciation deduction average of over $2.9 million, and potential maximum for the property of over $3.2 million. When completing the estimates for all properties on this season, we found over $14 million in potential depreciation deductions.
The 2019 season also saw significant depreciation deductions, with couple Jesse and Mel’s property holding an estimated total of over $3.67 million in depreciation deductions. Meanwhile, the 2018 season depreciation winners were Kerrie and Spence, with their property holding an estimated total of over $4.1 million.
If the lucky owners that came out on top at auction day choose to use the properties as investments, they’d be claiming these deductions for up to forty years.
There are some items on The Block that stay in our minds more than others. These prove not only to be memorable but also hold significant depreciation deductions.
Just one example is Sticks and Wombat’s shipping container pool from season13. This unique pool had a cumulative five-year depreciation deduction of over $4,000. The pool is classed as a capital works asset as it is structural in nature, which means it will produce lucrative deductions for up to forty years.
Hayden and Sara’s gold bath from season 14 is another that is hard to forget, partially due to the drama surrounding it. The cumulative five-year depreciation deduction that this bathtub produced was estimated to be $1,000.
How BMT find millions in depreciation deductions
These types of depreciation estimates are found by completing our physical inspections. We leave no stone unturned to ensure no deduction is missed.
We identify every depreciable item possible, from the easy-to-spot structural walls and floors, to the not so obvious smoke alarms, door fixtures and small furnishings.
With over twenty years of experience, we can maximise depreciation deductions compliantly on any type of investment property or commercial premises.
To learn more about depreciation, Request a Quote or contact our team on 1300 728 726.