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

Another win for business owners.From 1 July 2026, companies with annual global turnover under $1 billion can permanently...
19/06/2026

Another win for business owners.

From 1 July 2026, companies with annual global turnover under $1 billion can permanently carry back a tax loss and offset it against tax paid in the prior two income years.

In practical terms, if your business has a difficult year, you can potentially get a refund of tax already paid rather than simply carrying the loss forward into an uncertain future.

✅ This applies to tax losses only, not capital losses, and is limited by your company's franking account balance.

For businesses managing cash flow through uncertain conditions, this is a meaningful and permanent measure.

Book your complimentary session with our team to start planning
https://buff.ly/24xjmXr

This one is permanent. Finally.The $20,000 instant asset write-off for small businesses has been extended year by year s...
17/06/2026

This one is permanent. Finally.

The $20,000 instant asset write-off for small businesses has been extended year by year since 2015. From 1 July 2026 it becomes a permanent feature of the tax system.

If your business has an aggregated turnover under $10 million, you can claim an immediate deduction for any asset costing under $20,000. The threshold applies per asset, so multiple purchases under $20,000 each can all qualify in the same year.

No more uncertainty at budget time about whether the write-off will continue.

If you have been holding off on equipment or asset purchases, that uncertainty is now gone.

Want to have a look at how that affects your tax planning?
https://buff.ly/24xjmXr

FBT lodgement is approaching.For most businesses working with a tax agent, the deadline is 25 June.By this stage, your p...
16/06/2026

FBT lodgement is approaching.

For most businesses working with a tax agent, the deadline is 25 June.

By this stage, your position should be finalised. Not still being worked out.

If you haven’t yet:

• Reviewed vehicle use
• Confirmed employee benefits
• Checked car parking or reimbursements

Now is the time to do it.

Once lodged, fixing issues becomes more difficult.

A final review now gives you certainty before the deadline.

Some good news from Budget night.From 1 July 2026, the tax rate on income between $18,201 and $45,000 drops from 16% to ...
15/06/2026

Some good news from Budget night.

From 1 July 2026, the tax rate on income between $18,201 and $45,000 drops from 16% to 15%. It drops again to 14% from 1 July 2027.

📣 Also from 1 July 2026, workers can claim a $1,000 instant tax deduction for work-related expenses without keeping receipts.

📣 From 1 July 2027, a new $250 Working Australians Tax Offset applies permanently, effectively raising the tax-free threshold to just under $20,000.

If you are an employee or sole trader, these cuts add up over time.

If you hold investments or run a business through a family trust, this Budget change deserves your full attention.From 1...
12/06/2026

If you hold investments or run a business through a family trust, this Budget change deserves your full attention.

From 1 July 2028, a minimum 30% tax applies to discretionary trust income, collected at the trustee level. Beneficiaries receive a non-refundable credit for the tax paid.

❌ The practical effect: the strategy of distributing income to family members on lower tax rates is largely removed.

Fixed trusts, superannuation funds, deceased estates and charitable trusts are not affected.
Three years of rollover relief from 1 July 2027 will be available for those wanting to restructure out of a discretionary trust into a company or fixed trust.

If your wealth or business sits inside a family trust, now is the time to understand what this means for your structure.

Book a consult with one of our advisors to get clarity: https://buff.ly/24xjmXr

This one is not getting enough attention. 📣Assets acquired before 20 September 1985 have historically been completely ex...
09/06/2026

This one is not getting enough attention. 📣

Assets acquired before 20 September 1985 have historically been completely exempt from capital gains tax.

From 1 July 2027, that exemption ends. Growth above inflation from that date will be taxed under the new indexation rules.

If you hold pre-1985 assets, a valuation as at 1 July 2027 will be important to establish your cost base going forward.

This affects a segment of older investors significantly. If this applies to you, it is worth a conversation sooner rather than later.

https://buff.ly/24xjmXr

The 50% CGT discount is being replaced from 1 July 2027.Under the new rules, capital gains will be indexed to inflation....
09/06/2026

The 50% CGT discount is being replaced from 1 July 2027.

Under the new rules, capital gains will be indexed to inflation. You will only pay tax on growth above the rate of inflation. A minimum 30% tax rate will also apply to all capital gains from that date.

✔️ Gains that accrued before 1 July 2027 are calculated under the existing rules. Transitional arrangements protect existing investors.

✔️ New residential property investors can choose between the 50% discount or the new indexation method when they sell.

✔️ Small business CGT concessions are unchanged.

If you hold assets with significant unrealised gains, understanding your position before 1 July 2027 matters.

Get in touch if you need a hand understanding what's at stake for your assets.
https://buff.ly/6ZorDnG

Negative gearing on established residential property is changing.From 1 July 2027, losses from established properties pu...
04/06/2026

Negative gearing on established residential property is changing.

From 1 July 2027, losses from established properties purchased after Budget night can only be offset against rental income, not wages or other income.

✨ What is not changing: anything you already own or had under contract before 7:30pm on 12 May 2026 is fully grandfathered. Your existing arrangements stay exactly as they are.

✨ New builds remain fully deductible against all income.

If you are planning your next property purchase, the structure and timing of that decision just became more important.

The 2026 Budget is done. The detail is in.This is one of the most significant tax reform moments in a generation. Proper...
03/06/2026

The 2026 Budget is done. The detail is in.

This is one of the most significant tax reform moments in a generation. Property investors, business owners, trust holders and everyday workers are all affected in different ways.

We have been through the Budget papers so you do not have to.

Over the next few weeks we are sharing what actually matters and what you need to know.

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.

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Pymble, NSW
2073

Telephone

+61290565078

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