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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ongoing NSW lockdown, the ins and outs of the COVID-19 Disaster Payments, and how Brisbane’s successful Olympics bid could impact equities and property.

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Steve Waters, director of Right Property Group, chats about the impact of the lockdowns on the property market, what the 2032 Olympics could mean for Brisbane’s market, and whether APRA might need to pull the handbrake to cool house price growth.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into how the Olympics and other major events affect stock returns and what the implications are for investors.

And lastly, tax and super guru Timothy Munro talks about the near-record super returns, the COVID-19 Disaster Payments and what they mean for your super.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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How ‘The Block 2020’ refutes a common tax myth

By Cameron Micallef

November 05 2020
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How ‘The Block 2020’ refutes a common tax myth

By Cameron Micallef
November 05 2020

An industry professional has found more than $14 million in total estimated depreciation on The Block 2020, disproving the myth that only new properties can claim depreciation.

How ‘The Block 2020’ refutes a common tax myth

By Cameron Micallef

November 05 2020
Share

An industry professional has found more than $14 million in total estimated depreciation on The Block 2020, disproving the myth that only new properties can claim depreciation.

Owners of income-producing properties can often claim sizeable tax deductions for the natural wear and tear that occurs to a building and its fixtures and fittings over time.

These deductions are known as property depreciation.

According to Bradley Beer, CEO of BMT Tax Depreciation, it is a widely held belief that only new properties hold depreciable value.

“We know from our own research at BMT that a good proportion of property investors miss out on claiming significant amounts at tax time, simply because they think that older properties don’t hold depreciation deductions,” said Mr Beer.

“This couldn’t be further from the truth. Renovated properties, such as those on The Block, can hold hundreds of thousands, and sometimes millions, of dollars in lucrative tax deductions.”

He pointed to the popular reality TV show where contestants have renovated five properties in the suburb of Brighton Victoria.

“Buyers of The Block properties are not only home owners, but also savvy property investors looking to build on their long-term wealth.

“With a total renovation cost greater than $14 million, this season of The Block will once again be a lucrative opportunity for property investors to take advantage of the 14 million-odd dollars in depreciation deductions,” said Mr Beer.

The average total depreciation is estimated at just under $2.9 million per property.

“Prospective buyers will factor this depreciation into their cash flow analysis, which will ultimately help them weigh up their investment decision.”

360A New Street, renovated by contestants Jimmy and Tam, holds the greatest depreciation tax deductions this season, coming in at an estimated maximum total of $3,225,879.

“The lucky buyers of The Block investment properties can claim this depreciation for the next 40 years, or up until 2060,” concluded Mr Beer.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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