The Block 2020 has taken the popular show through several firsts. The site experienced a pandemic-induced shutdown, heritage charm from eras such as the 1910s was mixed with modern renovations, and this season also featured the first father-daughter team.
BMT Tax Depreciation work with The Block each year to estimate depreciation deductions for the luxurious properties. Like the ones that came before, this season of The Block produced millions in deductions.
A short history of 360 New Street, Brighton
360 New Street is in the affluent bayside suburb of Brighton, Victoria. This location has gone through quite a journey before becoming the site for The Block 2020.
It was previously a private aged care home that was sold to a property developer. Planning permits on public record show that 360 New Street was originally going to be an estate that held thirteen luxury two-story town houses. However, the property developer sold the site to the Nine Network for close to $15 million before construction took place.
Before the contestants arrived, Nine subdivided the block of land and transported five old, run-down homes from different decades to the site. The teams were challenged with the task of renovating the houses to be luxurious, modern properties while keeping elements of the original eras.
Block 2020 depreciation highlights
BMT Tax Depreciation always finds millions in deductions from The Block properties, and this year was no different. By estimating depreciation on the capital works and plant and equipment assets, BMT show potential investor-buyers what they could claim if successful on auction day.
BMT found more than a whopping $14 million dollars in estimated depreciation deductions from this year’s Block properties. The average total depreciation claim for each property is estimated to be almost $2.9 million.
Serial challenge winners, Jimmy and Tam, renovated the 1950’s property at 360A New Street. Their property holds the biggest estimated depreciation deductions. BMT has estimated that the maximum total depreciation deductions available from this property would be over $3.2 million. While in the first year alone, it is estimated that an investor could claim a maximum deduction of more than $146,000.
Fan favourites, George and Sarah, came in close second with their property fetching an estimated maximum total depreciation deduction of $3.19 million. The major selling point for investors is that they can take advantage of the millions of dollars in depreciation deductions for forty years.
How BMT finds millions in depreciation deductions
BMT truly leaves no stone unturned. With over twenty years of experience, BMT knows what to look for when completing every type of tax depreciation schedule. During a site inspection, BMT’s specialist staff identify every depreciable asset possible to ensure the owner claims every dollar they are entitled to.
When estimating depreciation for The Block properties, BMT looked at everything from the structure, to all assets from the high-end kitchen appliances to furniture and light fixtures. As a specialist quantity surveyor, BMT can estimate the construction costs of the property for depreciation purposes to ensure depreciation claims are maximised and compliant.
To learn more about depreciation or get a free estimate of likely deductions from your investment property, Request a Quote or contact BMT on 1300 728 726.