depreciation taxdeduction opportunity 4invstrs

Depreciation tax deduction opportunity for investors as The Block Sky High reality television series turns serious

By Jonathan Chancellor

It was during the 1850s Victorian gold rush that a tent city known as Canvas Town was established in what's now known as South Melbourne.

The area was home to tens of thousands of migrants, particularly from Ireland and China, who having disembarked were soon off to seek their fortunes in the central Victoria goldfields.

Some 160 years on, it's property speculators who are homing in on the five South Melbourne luxury apartments from the hit Channel 9 reality television show The Block Sky High 2013.

"They are an underlying investor’s goldmine," according to BMT Tax Depreciation boss Bradley Beer.

"The units will obtain maximum depreciation potential within the first 5 years of ownership," he said.

BMT has identified significant deductions available to property investors bidding at the July 27 auctions where prices are tipped to be $1.2 million plus.

All listing agents are likely to be using the BMT reports in their pitch to convince investors to be among the buyers.

The depreciation reports have been prepared by BMT Tax Depreciation Quantity Surveyors, which have inspected the former motel premises – now renovated – and estimated what a buyer could claim in deductions in his or her tax returns.

Link - http://www.mlforum.com.au/legal-tax-and-accounting-discussion/depreciation-tax-deduction-opportunity-for-investors/