Articles by Stuart Wemyss

Stuartwemyss

Stuart was a Chartered Accountant before establishing mortgage broking firm ProSolution Private Clients. He has authored two books and shares his experience with readers of Property Update. Visit www.prosolution.com.au

Tax isn’t necessarily a bad thing. If you’re paying tax, it means that you are making money (income or capital gains). But of course, there’s no need to pay any more than you legally have to. I discuss our common-sense approach to saving tax below. Minimising risk is often more important than saving on tax…

What drives you to build wealth? If I deposited $10 million in your bank account today, what would you do differently tomorrow? Do you think money will solve any (or all) of your “problems” and/or fulfil all your dreams?  The answers to these questions will reveal how you think about money. And how you think…

The Federal Treasurer, Jim Chalmers, has publicly acknowledged that both state and federal budgets are under unsustainable pressure. He’s been clear that achieving budget sustainability cannot be done without both raising taxes and cutting spending. Chalmers has also spoken about the need to reduce our reliance on income taxes. Australia absolutely needs tax reform – reform that supports economic…

Setting the right budget for a property purchase, be it a home or investment, is a very important financial decision. If your budget is too conservative, you risk missing out on potential capital growth or settling for a property that does not meet all your lifestyle needs. On the other hand, if you overspend and…

If you own a property that you suspect may not be investment-grade, how do you work out if it is worth selling and replacing it with a better-quality property? Risks and costs associated with replacing a poor investment Replacing an investment asset comes with risks and several costs: Asset selection risk: This is the risk…

A Goldilocks investment strategy means that you are making the most of your financial opportunities without overdoing it and taking unnecessary risks. That is, your level of investing is exactly right (i.e., perfectly balanced). Underinvesting means that you risk not having enough investment assets to enjoy a comfortable retirement. Overinvesting means that you have taken…

My personal philosophy on wealth building is simple: invest slightly more than necessary to achieve my financial and lifestyle goals comfortably, but no more than that! None of us knows how long we have left on this planet, so I think it’s essential to maximise enjoyment today or at least enjoy the wealth-building journey as…

Typically, accountants tend to advise against using a private company structure to hold geared property investments. However, investors shouldn’t automatically dismiss this approach, as it can provide substantial capital gains tax (CGT) savings. Commonly cited disadvantages of a company ownership structure There are two main disadvantages of using a company structure for property investment: No…

The main difference between property and shares lies in the depth and reliability of historical data. The share market offers extensive and dependable data, making it a valuable resource for financial decision-making. In contrast, property data often lacks the same level of reliability due to various factors, which I discuss below. Therefore, when making decisions…

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