Hemisphere Accounting

Hemisphere Accounting A boutique accounting practice in Sydney & London giving you personalised service and helping you bring your business into balance

Offering a tailor-made accounting service to small and medium sized businesses

Tomorrow night, the Budget drops. And right now, this is dominating every conversation we are having with clients.→ Nega...
11/05/2026

Tomorrow night, the Budget drops. And right now, this is dominating every conversation we are having with clients.
→ Negative gearing and capital gains tax.

Here is what is being widely forecast ahead of tonight:
📣 Negative gearing scrapped entirely, not just capped
📣 The CGT discount is reduced from 50% potentially to 25% or 33%
📣 Changes expected to apply to all assets, not just property. Shares, managed funds and business interests are potentially all affected
📣 Grandfathering likely for assets already held, but the details matter

These are pre-Budget forecasts, not confirmed policy. The Treasurer speaks tomorrow night at 7:30pm.

But here is the thing. Whether these changes proceed exactly as forecast, in a modified form, or not at all, the conversation they have triggered is important.

Do you know your current CGT position?
Do you understand how negative gearing fits into your overall strategy?
Do you have a plan, or are you just waiting to see what happens?

Waiting to see what happens is a plan. Just not always a good one.

Tomorrow night, we find out.
Wednesday night, we are on a panel in Warriewood to help you make sense of it.

📅 Wednesday 13 May 2026
🕕 6:00 pm – 7:30 pm
📍 Warriewood Community Centre - East Hall
🎟 Free entry. Seats strictly limited.

Come with your questions.
Register here >> https://buff.ly/0iXvqV7 - submit your questions straight away for the panel.

This change is already in effect. Most business owners have not heard about it.From 1 July 2025, ATO interest charges ar...
09/05/2026

This change is already in effect. Most business owners have not heard about it.
From 1 July 2025, ATO interest charges are no longer tax deductible. Both of them.

The General Interest Charge (GIC) applies to unpaid tax debts, including income tax, PAYG, GST, FBT and super. The current rate is 11.17% per annum, compounding daily.

The Shortfall Interest Charge (SIC) applies when the ATO amends your assessment, and you owe more than originally assessed. The current rate is 7.17% per annum.

Until 1 July 2025, both could be claimed as a deduction. That is no longer the case.

If your business is carrying legacy ATO debt from the COVID era, the real cost of holding that debt has quietly but significantly increased.

The Budget on Tuesday is expected to address the significant ATO debt still owed by small businesses accumulated during that period.

If you are not sure what this means for your position, it is worth a conversation before 30 June.

The Budget drops Tuesday night. 📣Negative gearing. Capital gains tax. ATO debt costs. Instant asset write-offs. Non-comp...
08/05/2026

The Budget drops Tuesday night. 📣

Negative gearing. Capital gains tax. ATO debt costs. Instant asset write-offs. Non-compete clauses. Payday super.

A lot is changing. And for most people, the instinct is to either react quickly or wait and see.

Neither tends to serve you well.

The night after the Budget, we are sitting on an expert panel in Warriewood to do exactly what needs to be done. Cut through what was announced, explain what it actually means, and help you think about what to do next.

This is not a presentation. It is a Q&A. Your questions shape the conversation.

📅 Wednesday 13 May 2026
🕕 6:00 pm – 7:30 pm
📍 Warriewood Community Centre - East Hall

The Budget gives you the information. Wednesday night gives you a plan.

Seats are strictly limited. Register now via Eventbrite: https://buff.ly/0iXvqV7
And submit your questions for the panel.

Most people assumed CGT changes would target property. The pre-Budget forecasts suggest otherwise.Economists expect the ...
07/05/2026

Most people assumed CGT changes would target property. The pre-Budget forecasts suggest otherwise.

Economists expect the CGT changes to apply to all assets. Property, shares, managed funds, business interests. Not just residential housing.

If you hold investments outside of super with significant unrealised gains, this is relevant to you regardless of whether property is part of the picture.

We're covering this and other Budget measures the day after. Register now to get your questions answered.

📅 Wednesday 13 May 2026
🕕 6:00 pm – 7:30 pm
📍 Warriewood Community Centre - East Hall
🎟 Free entry. Seats strictly limited.

https://buff.ly/0iXvqV7

This is shaping up as one of the most significant Budgets in years. And if you own investment property or assets with un...
06/05/2026

This is shaping up as one of the most significant Budgets in years. And if you own investment property or assets with unrealised gains, Tuesday night is worth paying close attention to.

CBA economists expect the government to go further than most anticipated on both negative gearing and capital gains tax.

Negative gearing is expected to be scrapped entirely. And changes to the CGT discount are expected to apply to all assets, not just residential property. That means investment property, shares and business assets potentially all affected in the same move.

These are pre-Budget forecasts, not confirmed policy. But it is worth understanding your current position before Tuesday night.

Talk to us.

FBT mistakes are rarely big decisions. They’re small assumptions.The ones we see most often:• Assuming work vehicles are...
05/05/2026

FBT mistakes are rarely big decisions. They’re small assumptions.

The ones we see most often:

• Assuming work vehicles are exempt
• Not tracking private use properly
• Missing car parking obligations
• Treating reimbursements as non-taxable

Individually, they seem minor.

But together, they can change your FBT position significantly.

If you haven’t reviewed your FBT details yet, now is the time.
https://buff.ly/kWw13pA

A lot is happening right now. Fuel prices are up. Cost of living is still biting. The RBA is deciding on rates this week...
04/05/2026

A lot is happening right now. Fuel prices are up. Cost of living is still biting. The RBA is deciding on rates this week. The Federal Budget is dropping next Tuesday.

It's enough to make anyone feel like they're just trying to keep up. 🤯

On Wednesday, 13 May, I'm joining an expert panel in Warriewood to do what I do best. Talk plainly about what it all means for your money, your structure, and your long-term plan.

✔️ Mortgage strategy.
✔️ Tax before 30 June.
✔️ Super changes.
✔️ Property.
✔️ Budget debrief.

All covered in 90 minutes, for free, the night after the Budget.

Your questions shape the conversation. Submit them when you register. 👇🏼

https://buff.ly/GP2SrxQ?

Seats are strictly limited.

Running a business from home? Be careful what that means for Capital Gains Tax.The ATO has recently clarified how home-b...
07/04/2026

Running a business from home? Be careful what that means for Capital Gains Tax.

The ATO has recently clarified how home-based businesses interact with the main residence exemption and the small business CGT concessions. And the message is clear.

Just because you run a business from home and claim occupancy deductions does not mean your property qualifies as an active asset.

When applying the active asset test, the ATO looks at the entire property. It either passes or it doesn’t. Minor or incidental business use, such as a home office or a room used a few hours a week, will usually not be enough to access the small business CGT concessions.

That means you might receive a partial main residence exemption, but miss out on further CGT relief.

If you are running a business from home, or thinking about it, it is worth understanding the longer-term tax impact before you sell. A few percentage points of floor space today could mean a much larger CGT calculation down the track.

If you would like to review how your home-based business could affect your future CGT position, we are here to help.

One of the biggest risks in SMSFs isn’t complexity. It’s familiarity.When opportunities involve family or related partie...
07/04/2026

One of the biggest risks in SMSFs isn’t complexity. It’s familiarity.

When opportunities involve family or related parties, the lines can blur.

A common example:

Investing SMSF money into a family member’s business.

Even if it sits within the 5% limit, the key question is simple:

Would you make the same decision if it wasn’t a related party?

If the answer is no, you may have an issue with the sole purpose test.

SMSFs must be run for retirement outcomes.

❌ Not to support family, solve cash flow problems, or help a business get through a tough period.

It’s a simple rule, but one that gets tested often.

The FBT year has just ended. Now is the time to review.Before anything is lodged, this is the window to check what’s bee...
02/04/2026

The FBT year has just ended. Now is the time to review.

Before anything is lodged, this is the window to check what’s been captured and what hasn’t.

We’re already seeing gaps in:

• Work vehicles and private use
• Car parking provided to staff
• Reimbursements and employee expenses

Most issues aren’t deliberate. They come from assumptions made during the year.

This is the point where those assumptions show up.

A quick review now is far easier than fixing it later.

https://buff.ly/kWw13pA

Deeming rates have now increased for self-funded retirees. This impacts how the government assesses income from your fin...
31/03/2026

Deeming rates have now increased for self-funded retirees.

This impacts how the government assesses income from your financial assets, even if your actual returns haven’t changed.

What’s changed:

• Lower deeming rate: 0.25% → 1.25%
• Upper deeming rate: 2.25% → 3.25%
• Applies from: 20 March 2026

Thresholds:

• Singles: up to $64,200 (lower rate)
• Couples (combined): up to $106,200 (lower rate)

Everything above these thresholds is deemed at the higher rate.

For some, this may affect eligibility for the Commonwealth Seniors Health Card.

It’s a reminder that even small policy shifts can have a real impact on cash flow and benefits.

If you’re unsure how this applies to you or your family, it’s worth reviewing now.

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