You can do this with or'd queryset contraints (Q objects):
now = datetime.datetime.now()
future_models = Model.objects.filter(Q(date__gt=now.date()) | (Q(date=now.date()) & Q(time__gte=now.time())))
That selects all instances for which date is past today, and all instances for which date is today and the the time is greater than or equal to the current time.