Sole Tank was built to help sole traders manage their income, expenses, and tax position throughout the year, all mapped directly to the individual tax return. As trusted tax software, it makes financial tracking simple, accurate, and stress-free.
But we’ve seen many users apply Sole Tank to other business activities too, including:
- Simple trusts and partnerships
- Small companies without payroll or inventory
- Commercial property activities that require BAS
- Side ventures that still need proper financial tracking
So we’ve added powerful Sole Tank updates to make TaxTank even more flexible – while keeping the simplicity you love.
Learn more about Sole Tank and how it works.
1. Exclude Businesses from your personal Tax Summary
Previously, every business in Sole Tank was automatically treated as sole trader income. That worked great for solo operators, but not for other entity types.
Now you can mark a business as excluded from your personal tax summary. That means:
- The business won’t count as sole trader income
- It won’t appear in your individual tax summary calculations
- You can still track transactions and run reports
This makes Sole Tank perfect sole traders who also manage trusts, companies, commercial property, or other business structures.
If you’ve previously set up a business that isn’t actually a sole trader activity, you can easily update the setting and switch it over.
See our step-by-step guide on excluding a business from your personal tax summary.
2. Brand new Profit & Loss (P&L) Report
Get a clear view of your business performance with the new Profit & Loss report:
- View income and expenses across one or multiple businesses
- Compare results to prior periods
- Toggle between Cash or Accrual reporting
- Export for accountants or advisors
Because your transactions are already allocated, the P&L report is ready whenever you need it. Keeping Sole Tank as simple and powerful.
3. BAS Reporting Made Easier
Managing multiple GST-registered activities? The updated BAS report now lets you:
- Include one or more businesses in the report
- Track BAS for multiple ABNs in one place
- Save time during lodgment
Whether it’s a company, trust, or commercial property entity, you can manage everything inside Sole Tank, without losing simplicity.
Why Sole Tank is Now More Powerful
These Sole Tank updates make TaxTank more flexible for anyone managing multiple business activities. You can now:
- Track different business entities
- Run professional-grade reports
- Prepare BAS information quickly
- Keep your personal tax summary clean and accurate
At TaxTank, we build features based on how our users actually work. If you’re already using Sole Tank now is the perfect time to explore the new tools.
Explore the new features in Sole Tank and see why it’s the preferred sole trader tax software. Start your free trial today.
FAQs
Can I track multiple businesses in Sole Tank?
Yes. Sole Tank allows you to track multiple businesses in the same account. You can view transactions, reports, and financial performance for each business separately, or generate reports that combine multiple businesses if needed.
This makes it easier to manage different income streams in one place.
Can Sole Tank be used for businesses that aren’t sole traders?
Yes. While Sole Tank was originally designed as tax software aimed at sole traders, the new updates allow you to track other types of business activities as well.
For example, you can use Sole Tank to track:
* Trust activities
* Simple company structures
* Commercial property entities
* Side ventures or additional business activities
You can exclude these from your personal tax summary while still using the platform for transaction tracking and reporting.
Can I run Profit & Loss reports for multiple businesses?
Yes. The new Profit & Loss report allows you to select one or more businesses when generating the report. This means you can review performance across different activities in one report or analyse each business individually.
You can also:
* Compare results with a prior year period
* Switch between Cash and Accrual reporting
* Export the report when needed
Can Sole Tank help with BAS reporting?
Yes. If your businesses are GST registered, Sole Tank can generate BAS reports using your transaction data.
You can now include one or more businesses in the BAS report, which makes it easier to manage BAS obligations across multiple activities in the one place.
What is the best sole trader accounting software?
The best accounting software for sole traders helps you track income, expenses, and tax obligations throughout the year while keeping everything aligned with your individual tax return.
Sole Tank by TaxTank is designed specifically sole traders. It automatically maps business transactions to the relevant tax categories, helping you stay organised and understand your tax position at any time.
Can TaxTank track multiple businesses?
Yes. With Sole Tank, you can track transactions for multiple businesses, run reports across one or more entities, and even exclude certain businesses from your personal tax summary if they are not sole trader income.
Can software for sole traders help with BAS reporting?
Yes. If your business is GST registered, tax software can help prepare the information needed for BAS reporting.
Sole Tank allows you to generate BAS reports directly from your transactions. You can also include multiple GST-registered businesses in the report, making it easier to manage BAS obligations across different activities.
Can TaxTank generate Profit & Loss reports?
Yes. TaxTank’s new Profit & Loss report lets you review income and expenses for one or multiple businesses, compare results with prior periods, and switch between cash and accrual reporting when needed.
Can I use TaxTank for other business structures?
While Taxtank is designed primarily for sole trader income, some platforms also allow you to track other types of business activity.
With the latest Sole Tank updates, you can track trusts, simple companies, or commercial property activities while excluding them from your personal tax summary. This allows you to keep everything organised in one place without affecting your individual tax calculations.
