The best alternative to Solo by MYOB for sole traders
Solo by MYOB helps sole traders manage basic business admin from their phone.
TaxTank goes further.
Sole Tank manages income, expenses, invoices, GST, assets, depreciation, loans and deductions while automatically calculating your complete individual tax position.
Manage up to six businesses under your ABN. Connect employment income, properties and investments. Use TaxTank on your phone or desktop.
All for one fixed price of $108 per year.
- No Credit Card Required
- Built for Australian Sole Traders
TaxTank or Solo by MYOB: the short answer
Choose Solo by MYOB if you want a phone-only app for basic business admin, invoicing, banking and Tap to Pay.
Choose TaxTank if you want to manage more of your business and automatically calculate your complete individual tax across sole trader income, employment, properties and investments.
Solo helps manage your business admin.
TaxTank manages your business and calculates what it means for your tax.
As seen in
TaxTank vs Solo by MYOB
Solo and TaxTank both help sole traders manage income, expenses, invoices, bank transactions and GST.
The difference is how far they go.
Solo focuses on basic business admin through a mobile app. TaxTank provides deeper business and deduction tools while connecting everything to your complete individual tax position.
Solo by MYOB
- Mobile app for sole operators
- Phone access only
- Connect up to two existing bank accounts
- Manage one sole trader business
- Income, expense and invoice management
- GST calculations and BAS information
- Business tax records
- Basic expense categorisation
- Focused on one sole trader activity
- $12 promotional first year, then $99 annually
TaxTank
- Sole trader and individual tax software
- Use on phone, tablet or desktop
- Connect eligible accounts across 180+ Australian institutions
- Manage up to six businesses under your ABN
- Income, expenses, invoices, assets and loans
- GST and real-time BAS reporting
- Automatic individual tax calculation
- Dedicated vehicle, home office and depreciation tools
- Connect employment, property, shares and cryptocurrency
- $108 annually
This comparison was reviewed in September 2026 using publicly available product information. Features and pricing may change.
Your tax is bigger than one business app
Sole trader tax is calculated on you as an individual, not just the transactions in your business account.
You may also earn a salary, run another business, own an investment property or invest in shares and cryptocurrency.
Solo organises the records from one sole trader business.
TaxTank connects the different parts of your financial life and automatically calculates one individual tax position.
As your income and deductions change, your tax calculation changes with them.
No separate tax estimate. No combining everything manually at tax time. No wondering whether your other income has been included.
More tools for your actual deductions
Recording an expense is useful. Correctly calculating the deduction is better. As your allocations occur they automatically flow into your individual tax position automatically.
Solo records your business expenses.
TaxTank applies the tax rules and calculates the result.
Manage multiple businesses
Run more than one business? No problem. Sole Tank lets you manage up to six sole trader activities under your ABN and see how each contributes to your overall result.
Record foreign income
Received sole trader income from an overseas client? TaxTank converts it to Australian dollars and includes it in your live, calculated tax position.
Manage assets and depreciation
Record business assets, depreciation, private-use percentages and small business pool calculations without waiting for someone else to process them behind the scenes.
Keep your deduction records together
Manage vehicle expenses, logbook information and working-from-home records with TaxTank’s built-in Home Office Diary. No separate mileage app. No separate home office diary. No mystery spreadsheet you will forget about by June.
See live tax position
See how your recorded sole trader income, deductions and other taxable income contribute to your overall tax position.
Choose your own accountant
Invite an accountant you already know and trust, or use your TaxTank reports to prepare to self-lodge through myTax.
Your accountant can change. Your financial records do not have to.
Sign up now and unlock the benefits of managing your sole trader tax live throughout the year instead waiting until the end of financial year mad rush.
Connect more of your accounts
Solo lets you open a Solo Money account and connect up to two existing bank accounts.
TaxTank lets you keep using your existing accounts and connect eligible accounts across more than 180 Australian financial institutions through Open Banking.
Transactions can be allocated to your business, work, properties, investments or personal finances from the same platform.
No two-account limit. No need to move your business income into a new account.
Can TaxTank replace Solo by MYOB?
Yes. TaxTank manages income, expenses, invoices, payments, bank transactions and GST while providing more detailed tools for assets, loans and deductions.
It also works across desktop and mobile, supports up to six businesses and connects your sole trader activity with your complete individual tax position.
If you only need a phone app for basic admin and Tap to Pay, Solo may suit you.
If you want to manage more of your business and automatically calculate your tax, TaxTank is the clear choice.
Compare the pricing
Solo by MYOB currently offers the first 12 months for $12, with the price increasing to $99 per year after the promotional period.
Sole Tank costs $108 per year, equivalent to $9 per month paid annually.
For an additional $9 per year after Solo’s promotional period, TaxTank gives you desktop access, more bank connections, up to six businesses and dedicated tools for depreciation, business loans, vehicles and working-from-home deductions.
Most importantly, TaxTank automatically calculates how your business and other income affect your complete individual tax position.
- Free Trial
- No Credit Card Required
- Cancel Anytime
SOLE TANK
Simply add Sole Tank so you can manage sole trader income and expenses.
$9/month
Paid Annually
See why Australian sole traders use TaxTank
TaxTank helps sole traders replace spreadsheets, scattered receipts and disconnected financial apps with one clear view of their business and individual tax.
Frequently asked questions
Yes. TaxTank is the best Solo by MYOB alternative for sole traders who want deeper business tools, broader bank access and automatic individual tax calculations.
Solo provides GST calculations, BAS information and tax-ready business records. It does not calculate your complete individual tax across business income, employment, properties and investments.
TaxTank brings these income types together and automatically calculates the result.
Solo lets you connect up to two existing bank accounts in addition to a Solo Money account.
TaxTank connects eligible accounts through more than 180 Australian financial institutions.
Not necessarily. TaxTank empowers you to understand and manage your own finances, but you can still share your reports with your accountant at tax time or lodge using our myTax report.
Absolutely. You can track everything in one place — from work as an employee to side hustles and beyond.
Not at all. It’s built for everyday Aussies — intuitive, straightforward, and designed to make tax simple.
Unlike Solo, TaxTank offers deeper tax features like real-time tracking, automated calculations, and deduction tools. Compared to Xero, it’s simpler, more affordable, and built specifically for sole traders, not small businesses.
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.
Yes. TaxTank works on phones, tablets and desktop computers. Solo by MYOB is a phone-only app.
Sole Tank costs $108 per year, equivalent to $9 per month paid annually. A free 14-day trial is available without a credit card.
Go beyond basic business admin
Tracking income, expenses and invoices is useful. Automatically calculating what your business means for your tax is better.
TaxTank manages more of your business while connecting your sole trader income with your employment, properties and investments to calculate your complete individual tax position.
No phone-only access. No two-account limit. No separate spreadsheets for depreciation, vehicle expenses or working-from-home deductions.
Solo helps with your business admin.
TaxTank manages your business and calculates your tax.