Sole Trader Tax Calculator for Australian ABN Holders
Brought to you by TaxTank – Australia’s first automated sole trader tax calculator software to ensure you claim everything you are entitled to without worrying about your final tax bill.
Sole Trader Tax Calculator
Use our sole trader tax calculator to estimate* your sole trader tax obligations. This sole trader tax calculator computes the estimated tax for sole traders and ABN holders based on your inputs.
*DISCLAIMER: This sole trader tax calculator is provided for informational purposes only and should not be considered as financial or tax advice. The results generated by the calculator are estimates based on the information provided and the current tax rates. Tax laws and regulations are subject to change, and the actual amount you owe or receive may vary.
- Live Bank Feeds
- Automated Transaction Allocation
- No More Guessing
- Live Tax All Year Round
Important Tax Deadlines
For all incomes earned between 01 July 2023 – 30 June 2024.
Tax returns can be lodged from 01 July 2024. You can prepare early with TaxTank so you know exactly what’s going on ahead of time.
For all incomes earned between 01 July 2022 – 30 June 2023.
Tax returns are now OVERDUE.
You can use TaxTank to get up to date and lodge with our partner accountants.
Tax returns are OVERDUE.
You can use TaxTank to get up to date and lodge with our partner accountants.
Take control of your sole trader tax and remove the stress
We get it. Running a side hustle or managing your sole trader income can be stressful! You’re not only trying to get your business off the ground, but you’re also juggling paperwork, calculating tax, and figuring out how much you owe.
With TaxTank, you’ll have a sole trader tax calculator with you all year round, helping you stay on top of your business. From managing your income and expenses to tracking unpaid invoices, BAS, and roll forward losses, you’ll have complete oversight of your tax position every step of the way.
No more tax surprises
We’ve made it easy to instantly find and match your invoices directly to your bank transactions to ensure you’re keeping track of monies paid and outstanding to manage business cashflow.
You can also allocate business expense transactions from live bank feeds to ensure nothing is ever missed or forgotten, plus you can even attach receipts for sound tax management.
And with our tax summary, you’ll be able to see exactly where you stand throughout the year so you don’t have to dread tax time.
What our customers are saying about us
The online support has been phenomenal, thank you Nicole. Everything was explained to me in an easy to understand manner.
It's a breeze to navigate and that's coming from someone who's genius zone is with people not on computers. I recommend them to everyone.
Frequently asked questions
Sole Tank is just $9 per month so you don’t have to pay for accounting software functions you don’t need.
Unlike options like Hnry and Thriday, TaxTank doesn’t require you to open any new bank accounts. All you need to do is connect your bank accounts through Open Banking and you can start automating your allocations straight away.
It only takes a few minutes to get your bank feeds set up and to add in your details. There is a simple checklist to follow to help you get set up as quickly as possible too!
Not at all, that’s why we have come the rescue. Tax has always been so boring and convoluted, we have broken it down into cool software that is super easy to follow and understand. We also have a bunch of support videos and articles available should you need help with anything.
We partner with Basiq, one of Australia’s largest providers of Open Banking, so we now have access to over 180+ banks. As more come onboard with the Open Banking protocols, they will automatically get added to TaxTank.
Yes! The rules say expenses relating to preparing and lodging your tax return and activity statements include the costs of purchasing software to allow the completion and lodgement of your tax return. You must apportion the cost of the software if you also used it for other purposes.
If you’re talking about our built in smart tools, yes! If you’re talking about document retention, yes! If you’re talking about data integrity, yes! We take the rules and make them simple.
OMG no, the sooner the better! If you start later in the tax year you can easily import earlier bank account transaction to ensure nothing is missed.
You bet ya, we have an onboarding checklist to help you get started. Plus there are loads of video tutorials and support articles available directly in the help section. Don’t worry, we have thought of everything.
TaxTank officially starts from the 2020-21 financial year so you can most certainly go back and add data from those years if needed.
You can also add as many documents you want to from previous years to cover all bases.
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