41% of Australians plan side hustles in 2026. Your firm ready? [AU]

Starting a business or side hustle is now more popular than opening a savings account, chasing a promotion, or switching jobs. QuickBooks' 2026 Entrepreneurship Report surveyed Australians and found 41% plan to launch in response to cost-of-living pressures. 66% are already planning or actively thinking about it. 46% will launch even if conditions aren't ideal.

The traditional Aussie dream (home ownership) is shifting to business ownership, driven by housing shortages and population growth. Last year, 43% of Australians earned side income. This year, they're formalising it.

What this means for practices

Your client mix is about to change. Sole traders need ABN registrations, tax bracket guidance (rates differ from companies), and clarity on when a side hustle becomes a business (hint: intention and scale matter, not just revenue). They'll ask about deductions, GST thresholds, and whether to stay sole trader or incorporate.

36% now view cryptocurrency as a wealth strategy. You'll need answers for that too.

Tech is lowering entry barriers. 66% plan to use AI for their startups. Meanwhile, only 9% of established firms plan headcount growth, focusing instead on process improvements. Advise accordingly.

The backdrop

Industry leaders predict mediocre 2026 conditions. 40% expect performance weaker than 2025. Buyer demand in M&A outpaces supply in logistics and healthcare (budgets over $1 million), but cautious consumer spending persists. Fear of failure remains a 39% barrier to starting.

What to do

If you're not set up for high-volume sole trader onboarding, fix that. Template engagement letters, ABN lodgement processes, and tax estimate calculators will save you hours. The work isn't glamorous, but it's coming whether you're ready or not.

Accountants who get efficient at this will keep the lights on. Those who don't will watch competitors do it instead.