The Best Tax App for Sole Traders in Australia [2026 Guide]

Man looking at the best tax app for sole traders

TaxTank is the best tax app for Australian sole traders who want business accounting tools connected with their individual tax position throughout the year.

Sole Tank brings together income, expenses, invoices, business assets and supported GST and BAS information. Add the relevant Tanks to include employment income, rental properties or investments in the same personal tax calculation.

Choosing a sole trader tax app also means deciding how you want to manage your finances. You might want software you control yourself, a managed tax service or accounting tools with payroll and other business features.

This guide compares TaxTank, Hnry, Xero, QuickBooks Online, Rounded and Solo by MYOB, explaining who each option suits and what to consider before subscribing.

Best tax app for sole traders: options at a glance

For connected business records and live personal tax calculations, TaxTank is our recommendation. Other options may suit you better if you want managed tax payments and lodgement, payroll or a different bookkeeping workflow.

Compare the scope of each product as well as its price. A software subscription and a service that includes accountant support and lodgement are different purchases.

Tax appBest suited toStandard pricing*Individual tax calculationTax return lodgement
TaxTankSole traders who want accounting connected with their complete individual tax position so they know how much tax to pay$108 per yearYes, automatically calculatedNo
HnrySole traders who want tax payments and lodgement handled as a service1% plus GST of self-employed income, capped at $1,500 plus GST per yearTax estimates and trackingYes
XeroBusinesses needing traditional accounting, payroll or room to scaleFrom $37 per monthNoNo
QuickBooks OnlineSmall businesses wanting established cloud accounting toolsFrom approximately $35 per monthNoNo
RoundedFreelancers and sole traders wanting straightforward invoicing and bookkeepingFrom $29.95 per monthTax estimates and trackingNo
Solo by MYOBMobile-first sole operators with relatively simple accounting needs$99 per year after the introductory offerTax and GST trackingNo

*Pricing was checked in August 2026 and may change. Introductory discounts, payment fees and optional add-ons are excluded unless stated.

What should a tax app for sole traders do?

As a sole trader, the net income you earn from carrying on your business forms part of your assessable income. The Australian Taxation Office explains how business income is reported as part of your individual tax return.

Depending on your circumstances, useful features may include:

  • Income and expense tracking
  • Quotes and invoicing
  • Bank feeds
  • Receipt and document storage
  • GST tracking
  • BAS information
  • Business asset and depreciation records
  • Profit and Loss reports
  • Tax calculations and clarity about which income sources are included
  • Support for multiple business activities
  • Access for your accountant
  • Tax-time reports

The right choice also depends on whether you want software to manage yourself or a service that handles tax obligations and lodgement for you.

1. TaxTank: Best for sole trader accounting and live personal tax calculations

TaxTank is Australian tax software for sole traders designed specifically around accounting and individual tax.

It includes the everyday tools needed to manage a sole trader business, including:

  • Income and expense tracking
  • Quotes and invoices
  • Australian bank feeds via Open Banking
  • GST and BAS information
  • Cash and accrual Profit and Loss reports
  • Business assets and depreciation calculation
  • Personal services income records
  • Business and non-commercial loss tracking
  • Business loans
  • Receipt and document storage
  • Accountant collaboration

The key difference is what TaxTank does with that information.

Business profit and personal tax are different calculations. Your sole trader result contributes to your individual tax position alongside other relevant income and deductions.

TaxTank connects these calculations using the information recorded in your account. With the relevant Tanks, you can see how business activity, employment income, properties and investments contribute to your overall calculated tax position.

This gives you access to an ongoing sole trader tax calculator that updates as your income, expenses and other financial information change.

Sole Tank dashboard showing the sole trader tax and business summary

Why your other income matters

Imagine you earn a salary and also run a freelance business. Your business profit is not taxed separately from your employment income. Both contribute to your individual tax calculation, alongside relevant deductions and other tax factors.

Using Sole Tank with Work Tank helps you track both activities and see their combined effect on your calculated tax position. Add Property or Holdings Tank if those income sources also apply to you.

Manage multiple businesses

TaxTank allows you to manage up to six sole trader businesses under your ABN.

Learn more about how ABN tax is calculated for sole traders

Income, expenses and reports can be kept separate for each business, while their combined results are included in your total calculated individual tax position.

You can also add companies or other business activities and exclude them from your personal tax calculation. This lets you retain separate records and reports without treating company profit as personal income.

Access, reporting and lodgement

TaxTank is browser-based and works best on a desktop or larger screen. You can also access it through a mobile browser.

The platform prepares records and reports to help you self-lodge through myTax or work with your accountant. It does not directly lodge your return with the ATO.

TaxTank supports cash and accrual Profit & Loss reporting. Businesses needing payroll, inventory or complex company reporting should assess software that includes those features.

TaxTank pricing

Sole Tank costs the equivalent of $9 per month, paid annually at $108. Additional Tanks are available for other parts of your financial life.

Try TaxTank free for 14 days. No credit card required.

TaxTank is best for

TaxTank is a strong choice for sole traders who want to:

  • Manage their own business records
  • See your calculated tax position throughout the year
  • Account for employment and self-employed income together
  • Include properties or investments in their broader tax position
  • Manage several businesses from one account
  • Collaborate with an accountant
  • Pay a predictable annual subscription

TRY TAXTANK FREE FOR 14 DAYS

No credit card required

2. Hnry: best for sole traders who want tax handled for them

Hnry combines software with an accounting and tax service for sole traders.

Instead of charging a fixed subscription, Hnry deducts a percentage from self-employed income paid into a dedicated Hnry account that must be opened separately from your other bank accounts. It then calculates and pays amounts for tax, GST, Medicare levy and student loan repayments where applicable.

The service also includes invoicing, expense claims, tax return preparation and lodgement.

Hnry pricing

Hnry charges 1% plus GST of self-employed income, capped at $1,500 plus GST per financial year.

This percentage-based model can be attractive when income is low or irregular. As income grows, however, the annual cost can become considerably higher than a fixed-price software subscription.

Hnry is best for

Hnry may suit sole traders who:

  • Want someone else to handle tax payments and lodgement
  • Are comfortable receiving business income through a dedicated account
  • Prefer a service rather than managing their own tax records
  • Have relatively straightforward sole trader circumstances

It may be less suitable if you want direct control over tax planning, have several businesses or need to connect your sole trader activity with other income types, properties, investments and other parts of your financial life.

If you are comparing the two platforms more closely, see our full TaxTank and Hnry comparison.

3. Xero: best for traditional business accounting and growth

Xero is one of Australia’s best-known cloud accounting platforms.

It provides established business accounting features such as:

  • Invoicing and quotes
  • Bank reconciliation
  • Bills and supplier management
  • GST tracking and BAS preparation
  • Financial reports
  • Payroll on eligible plans
  • Inventory and project tools on selected plans
  • Accountant and bookkeeper access
  • A broad app integration marketplace

Xero is designed around the accounting records of a business. This makes it a capable option for sole traders who need traditional bookkeeping features or expect to employ staff and expand their operations.

It does not calculate your complete individual tax position. Your sole trader profit generally needs to be combined with salary, deductions, investments and other personal tax information elsewhere.

Xero pricing

Xero’s Ignite plan starts from $37 per month at standard pricing. Higher plans provide additional invoicing, payroll, reporting and business-management features.

Promotional discounts are frequently available to new customers, but the subscription generally returns to the standard monthly price when the offer ends.

Xero is best for

Xero may suit sole traders who:

  • Need traditional double-entry accounting
  • Employ staff or require payroll
  • Want extensive integrations
  • Work closely with an accountant already using Xero
  • Expect to grow into a larger business structure

It may provide more functionality than a sole operator needs, particularly when personal tax calculations must still be managed separately.

You can also compare the best Xero alternatives for Australian sole traders.

4. QuickBooks Online: best for established cloud bookkeeping tools

QuickBooks Online is another established business accounting platform.

Its features vary by plan but can include:

  • Income and expense tracking
  • Invoicing
  • Bank feeds
  • GST tracking
  • Cash flow tools
  • Receipt capture
  • Financial reports
  • Project and inventory features on higher plans
  • Accountant access

Like Xero, QuickBooks is designed primarily to manage the accounting records of a business.

It can calculate business profit and organise GST information, but it does not bring your business result together with your complete Australian individual tax position.

QuickBooks pricing

QuickBooks Online starts from approximately $35 per month at standard pricing, although introductory offers can reduce the initial cost.

Check the inclusions carefully, as features such as bills, inventory, projects and multiple users may require a higher plan.

QuickBooks is best for

QuickBooks may suit sole traders who:

  • Want an established bookkeeping platform
  • Need detailed business reporting
  • May require inventory or project tools
  • Have an accountant familiar with QuickBooks
  • Do not need personal tax calculations within the same platform

5. Rounded: best for straightforward freelance bookkeeping

Rounded is Australian accounting software created for freelancers, contractors and sole traders.

It focuses on simplifying the regular administrative tasks of running a solo business, including:

  • Quotes and invoicing
  • Expense tracking
  • Bank feeds
  • Receipt capture
  • GST and tax tracking
  • Time tracking
  • Profit and Loss reporting
  • Accountant access

Its interface and feature set are designed to be more approachable than traditional small-business accounting platforms.

Rounded can help users set aside and prepare for tax, but it does not calculate a complete individual tax position that incorporates employment income, properties, shares, cryptocurrency and capital gains.

Rounded pricing

Rounded Pro starts from $29.95 per month. Its pricing is fixed rather than based on business income.

Rounded is best for

Rounded may suit sole traders who:

  • Primarily need invoicing and expense tracking
  • Work as freelancers or independent contractors
  • Want straightforward bookkeeping without payroll or inventory
  • Prefer a platform designed around a solo business
  • Manage their broader individual tax position separately

6. Solo by MYOB: best for mobile-first business administration

Solo by MYOB is a mobile accounting app designed for sole operators.

It includes:

  • Unlimited quotes and invoices
  • Income and expense tracking
  • Receipt capture
  • Tax and GST tracking
  • Simple cash flow graphs
  • Connections for up to two existing bank accounts
  • An optional Solo Money business account
  • Online and in-person payment options
  • Accountant or tax agent access

Solo is entirely app-based and is designed for one user. It does not offer the broader accounting functionality found in MYOB Business Lite, Pro or AccountRight.

See how the features compare in our guide to TaxTank as an alternative to Solo by MYOB.

Solo by MYOB pricing

The standard annual price is $99 after the introductory offer period.

Payment processing and other premium features may attract additional fees.

Solo by MYOB is best for

Solo may suit sole traders who:

  • Prefer to manage their business from a phone
  • Need simple invoicing and expense tracking
  • Want integrated payment options
  • Operate one relatively straightforward business
  • Do not need desktop access, payroll or advanced accounting

How to choose the best tax app for sole traders

Choose TaxTank if you want everyday business tools connected with your live personal tax position. Sole Tank combines income and expense tracking, invoicing, assets and supported GST and BAS information.

TaxTank is particularly useful if you:

  • Want to see your calculated tax position throughout the year
  • Operate several sole trader businesses
  • Also earn salary or wages
  • Own investment properties or invest in shares or crypto
  • Prefer to manage your records yourself or collaborate with your accountant

Add the relevant Tanks to include employment income, properties and investments alongside your sole trader activity.

If your priority is managed tax payments and lodgement, assess a service that includes those tasks. If you need payroll, inventory or extensive integrations, compare accounting platforms and their specific plans. If you mainly work from your phone, check that your preferred app supports the tasks you need on mobile.

Compare included features, service scope and total ongoing cost before subscribing.

Explore TaxTank’s sole trader accounting and tax tools.

Tax app, accounting software or accounting service?

These terms are often used interchangeably, but they describe different types of products.

Tax app

A tax app helps you track information relevant to tax and may calculate an estimated tax position.

TaxTank fits within this category because it applies Australian individual tax calculations to the information recorded in your account.

Accounting software

Accounting software records and reports financial activity.

TaxTank, Xero, QuickBooks, Rounded and Solo by MYOB all provide accounting functions, although their intended users and reporting capabilities differ.

Accounting service

An accounting service includes professional help with tax obligations or lodgement.

Hnry combines its software with an accounting service. TaxTank does not provide tax return lodgement, but it allows you to invite your own accountant to collaborate.

Understanding this distinction can prevent you from choosing an app that handles only one part of what you need.

Frequently asked questions

What is the best tax app for sole traders in Australia?

TaxTank is the best tax app for sole traders who want to manage business accounting and understand how much tax they have to pay.

It includes income and expense tracking, invoices, bank feeds, GST records, business assets, Profit and Loss reports and estimated individual tax calculations.

Can a tax app calculate sole trader tax?

Some can.

TaxTank calculates your individual tax position using the income, deductions and other supported information recorded in your account.

Most traditional accounting apps calculate business profit but do not combine it with employment income, properties, investments and other personal tax information.

Does TaxTank lodge sole trader tax returns?

No. TaxTank does not lodge tax returns or connect directly to the ATO.

It organises your information and produces reports that can help you prepare to self-lodge through myTax or provide the relevant details to your accountant.

Can I use TaxTank instead of Xero?

TaxTank may be a more suitable alternative if you are a sole trader who does not require payroll, inventory or complex company accounting.

It includes the core accounting features many sole traders need while also calculating an calculated individual tax position.

Xero may be more appropriate if your business employs staff, requires advanced integrations or needs broader traditional business accounting features.

Is Hnry or TaxTank better?

Hnry and TaxTank solve different problems.

Hnry is an accounting service that collects 1% plus GST of self-employed income and handles eligible tax payments and lodgement.

TaxTank is fixed-price accounting and individual tax software. You manage your own records or invite your accountant, while TaxTank helps calculate your tax position throughout the year.

TaxTank may suit people who want more control, have multiple income types or need to connect business activity with properties and investments. Hnry may suit people who prefer to outsource more of their tax administration.

Can I manage multiple businesses in one tax app?

TaxTank allows you to manage up to six sole trader businesses under your ABN.

Each business can have separate income, expenses and reports, while their combined results contribute to your calculated individual tax position.

Companies and other business activities can also be recorded and excluded from your personal tax calculations.

How much does TaxTank cost for a sole trader?

Sole Tank costs $108 per year, equivalent to $9 per month when paid annually.

A 14-day free trial is available without entering a credit card.

Find the tax app that fits your financial life

The best tax app for sole traders should reflect how your business and personal tax actually work together.

A basic accounting app can show what your business earned and spent. For a sole trader, that is not always enough.

Your business result may be only one part of your individual tax position. Salary, deductions, properties, investments and capital gains can all change the final outcome.

TaxTank brings these areas together so you can manage your business records and monitor your estimated tax position throughout the year.

You don’t need to know every tax rule. TaxTank applies the relevant calculations for you.

Read verified TaxTank reviews from Australians already using the platform to manage their tax and finances.

START YOUR FREE 14-DAY TRIAL

No credit card required.

Share:

TaxTank Reviews

Rated 5 out of 5
Google Logo - Visit to Read TaxTank Reviews

Latest Videos

YouTube video cover image that has the title "New Australian Tax Changes Explained (1 July 2026)

More Posts

Help shape what comes next for TaxTank

Be among the first to experience the next generation of TaxTank.

We’ll be inviting a limited group of active subscribers to test new capabilities, share feedback and help shape how TaxTank’s AI evolves.

Beta registration is open to current paid TaxTank subscribers with no pending cancellation. Your subscription must remain current to participate.