Table of Contents

If you’ve searched for the best tax software in Australia recently, you’ve probably realised one thing.

There are a lot of options.

Xero. MYOB. QuickBooks. Hnry. Thriday. Etax. One Click Life. TaxTank.

The challenge is that most people compare these platforms as though they’re direct competitors.

They’re not.

It’s a bit like comparing a ute, an SUV and a sports car. They’re all vehicles, but they’re built for completely different purposes.

The same thing has happened with tax software.

Some platforms are designed to run businesses. Others help prepare your annual tax return. Some simply store receipts and records, while others manage tax administration for sole traders.

And now there’s a newer category of software that’s changing the way Australians manage their tax.

Instead of simply recording transactions or helping you lodge your tax return at the end of the financial year, these platforms apply Australian tax rules to calculate your tax position throughout the year.

At the same time, almost every provider is introducing automation and artificial intelligence to make tax software faster, easier to use and more accessible.

That’s a positive step, but AI is only part of the solution.

The more important question is this:

What is the software actually designed to do?

Because tax isn’t just information.

Tax is rules.

The best tax software doesn’t just record transactions or answer tax questions. It applies Australian tax rules correctly, helping you understand your obligations, calculate your tax position and make better financial decisions throughout the year.

In this guide, we’ll compare the major types of tax software available in Australia, explain who each one is designed for, and help you choose the solution that’s right for your circumstances.

What Australians Really Mean When They Search for Tax Software

The phrase “tax software” covers a wide range of products, but they’re often solving completely different problems.

Someone running a business with employees needs very different software from an employee wanting to maximise work-related deductions, or a property investor managing multiple rental properties.

Broadly speaking, tax software in Australia falls into five categories:

Business accounting software

Platforms such as Xero, MYOB and QuickBooks are designed to manage businesses. They handle invoicing, payroll, GST, bank reconciliation and financial reporting, making them ideal for businesses with employees and more complex accounting requirements.

Sole trader managed tax platforms

Solutions like Hnry and Thriday are built specifically for freelancers and sole traders. They’re designed around a managed-service model, where you’ll typically use a dedicated business bank account, tax is automatically set aside as you’re paid, and registered tax professionals work behind the scenes to help prepare BAS statements and annual tax returns. The goal is to reduce the amount of tax administration you need to do yourself.

Online tax return services

Providers such as Etax and One Click Life focus on preparing and lodging annual tax returns. They combine online questionnaires with registered tax agents to help Australians complete their tax return each year.

Record keeping apps

Apps like the ATO’ app and ReceiptHub by H&R Block help organise receipts, track expenses and maintain records throughout the financial year. They’re useful for keeping evidence but generally don’t calculate your tax position.

Real-time tax management software

This is a newer category designed to help Australians understand their tax position before tax time arrives. Rather than simply storing information, platforms like TaxTank apply Australian tax rules to financial data throughout the year, helping users calculate tax, identify deductions and make better financial decisions.

Each category serves a different purpose, so the best tax software depends on your income sources, investment strategy and the level of visibility you want over your finances throughout the year.

If you would prefer to compare app-based options specifically, see our guide to the best tax apps in Australia.

Business Accounting Software: Best for Businesses, Not Personal Tax

When Australians think about accounting software, three names usually come to mind: Xero, MYOB and QuickBooks.

These platforms have been the backbone of Australian businesses for years, helping millions of business owners manage invoicing, payroll, GST, bank reconciliation and financial reporting. If you’re operating a company with employees, issuing invoices, lodging BAS statements and working closely with an accountant or bookkeeper, they’re excellent choices.

At their core, these platforms are designed as accounting systems.

Every transaction is recorded against a chart of accounts, allowing businesses to produce Profit and Loss statements, Balance Sheets, cash flow reports and GST reports. They’re built to keep accurate financial records and provide accountants with the information needed to prepare financial statements and tax returns.

For many businesses, that’s exactly what’s required.

The challenge is that accounting software isn’t the same as personal tax software.

While Xero, MYOB and QuickBooks can record income and expenses exceptionally well, they generally don’t calculate an individual’s Australian tax position. That’s because they’re designed to produce accounting reports, not personal tax outcomes. Understanding how those transactions affect your personal tax outcome still requires knowledge of Australian tax law or advice from your accountant.

For example, accounting software doesn’t typically determine:

• Whether an expense is immediately deductible or needs to be depreciated over several years.
• Which working from home calculation method produces the best outcome.
• How vehicle logbook percentages affect deductible expenses.
• How rental property income and expenses interact with your salary.
• The capital gains tax implications of selling shares, cryptocurrency or investment property.
• How Medicare Levy, HELP debt, offsets and other personal tax rules affect your final tax position.
• The combined impact of multiple income sources, such as PAYG employment, sole trader income and investment income.

Instead, these platforms focus on producing accurate accounting records that can later be interpreted for tax purposes.

Another consideration is complexity.

Business accounting software is designed to support a wide range of business activities, including inventory management, payroll, timesheets, purchase orders, supplier management, multi-user access and advanced financial reporting. These are valuable features for growing businesses, but they can feel overwhelming if your primary goal is simply managing your own tax.

Pricing can also increase as your business grows. While introductory offers are common, ongoing subscription costs often rise as additional users, payroll, reporting tools or premium features are added.

For businesses with staff and complex accounting requirements, these platforms remain some of the best accounting solutions available in Australia.

However, if you’re an employee, property investor, freelancer, side hustler or someone with multiple personal income streams, you may find yourself paying for features you’ll never use while still needing separate tools or professional advice to understand your personal tax position.

Best suited to:

• Companies and growing businesses
• Businesses with employees and payroll
• Businesses needing detailed financial reporting
• Businesses with more complex accounting requirements

May not be the best fit for:

• Sole traders or single operators with simple business structures
• Employees claiming work-related deductions
• Property investors
• Individuals with multiple personal income sources
• Share and cryptocurrency investors
• Australians wanting real-time visibility of their personal tax position

Managed Tax Platforms: Ideal If You Want Someone Else to Handle the Administration

Not everyone wants to think about tax.

Many sole traders and freelancers simply want to get paid, know that enough money has been set aside for tax, and have someone else take care of the administration.

That’s where managed tax platforms such as Hnry and Thriday have carved out their niche.

Rather than simply providing software, these platforms combine technology with tax administration. Depending on the provider, they can automatically set aside tax, help prepare BAS statements, manage tax payments and assist with lodging your annual tax return.

For many freelancers, that’s incredibly appealing.

Instead of worrying about how much tax to save or what needs to be lodged each quarter, much of the process happens automatically behind the scenes.

The trade-off is that you’re generally buying into their way of managing your finances.

Some platforms encourage you to receive income into nominated accounts or work within their banking ecosystem so they can automatically calculate tax and manage cash flow. For many users, that’s exactly the convenience they’re looking for.

If your priority is outsourcing much of your tax administration, managed tax platforms can be an excellent solution.

However, they’re designed around managing the administration of your tax obligations rather than giving you complete visibility over your broader financial position.

If you’re the type of person who wants to understand how buying a rental property, selling shares, claiming a vehicle expense or earning additional PAYG income affects your overall tax outcome, you may prefer software that focuses on providing real-time tax insights across all your income sources rather than primarily managing the compliance process.

Best suited to:

• Sole traders wanting a hands-off approach to tax administration
• Freelancers and contractors
• Self-employed professionals with a single business income stream
• Business owners who prefer tax administration managed for them

May not be the best fit for:

• Sole traders who also have PAYG employment income
• Property investors with one or more rental properties
• Share or cryptocurrency investors
• Australians with multiple income sources
• People wanting a single, real-time view of their overall tax position
• Individuals who prefer to use their existing banking arrangements and maintain full visibility over their finances

TaxTank Tip: If you earn both PAYG income and sole trader income, choose software that brings both income sources into a single tax calculation. Managing each separately can make it difficult to understand your overall tax position or avoid unexpected tax bills. 

Online Tax Return Software: Best for Lodging Your Tax Return

For many Australians, tax only becomes a priority once a year.

When the end of the financial year arrives, the goal is simple: gather your information, claim the deductions you’re entitled to and lodge your tax return as quickly as possible.

That’s where online tax return services such as Etax and One Click Life fit into the market.

Rather than managing your finances throughout the year, these platforms focus on preparing and lodging your annual tax return. Most guide you through an online questionnaire, import available ATO information and have a registered tax agent review and lodge your return on your behalf.

For straightforward tax returns, this can be an affordable and convenient option. Pricing generally starts from around $80 to $150, depending on the complexity of your return and the level of support required.

Many online tax agents have also introduced AI-powered features to help identify potential deductions, explain tax concepts and make the lodgement process faster.

While these tools can be incredibly helpful, they should be treated as prompts rather than answers. Just because a deduction is commonly claimed by someone in your occupation doesn’t mean you’re automatically entitled to claim it. You must still satisfy the ATO’s eligibility rules and be able to substantiate your claim if asked.

They’re also still centred around a once-a-year event.

The majority of the work happens after the financial year has ended.

That means you generally won’t know:

• How much tax you’re likely to owe throughout the year.
• Whether you’re keeping enough money aside for your tax bill.
• How purchasing equipment or making additional super contributions could affect your tax outcome.
• Whether you’re maximising your work-related deductions before 30 June.
• How changes to your income, investments or business activities are affecting your overall tax position.

By the time you receive your tax estimate or lodge your return, many financial decisions have already been made.

For Australians whose priority is simply lodging an accurate tax return each year, online tax agents remain an excellent solution.

However, if you’d prefer to understand your tax position as your financial circumstances change throughout the year, you’ll need software that’s designed for ongoing tax management rather than annual tax preparation.

For many Australians with straightforward tax affairs, lodging once a year may be all that’s needed. The limitation is that opportunities to reduce tax are often identified after the financial year has ended, when many decisions can no longer be changed. 

Best suited to:

• Employees with straightforward tax returns
• Individuals who only think about tax at the end of the financial year
• Australians who prefer a registered tax agent to prepare and lodge their return
• People looking for an affordable annual tax return service

May not be the best fit for:

• People wanting year-round tax visibility
• Sole traders managing ongoing tax obligations
• Property investors with changing deductions
• Individuals making financial decisions before tax time
• Australians who want to calculate their tax position throughout the year

Receipt Tracking and Record Keeping Apps: Great for Staying Organised

One of the biggest challenges at tax time isn’t calculating your deductions.

It’s remembering them.

Receipts fade, invoices get buried in emails, and it’s easy to forget expenses you’ve incurred months earlier. That’s why receipt tracking and record keeping apps have become increasingly popular with employees, sole traders and property investors alike.

Two of the best-known options in Australia are the ATO app and ReceiptHub by H&R Block.

Both are designed to help you keep accurate records throughout the financial year by storing receipts, recording expenses and organising supporting documentation in one place. Instead of searching through your wallet or inbox in July, everything is already captured and ready when it’s time to prepare your tax return.

The ATO app also allows users to record work-related trips, vehicle journeys, income and deductions before exporting the information to their tax return or registered tax agent.

These tools are excellent for improving record keeping and reducing the risk of missing deductible expenses.

However, it’s important to understand what they don’t do.

Record keeping apps are designed to collect information, not interpret it.

They generally won’t tell you:

• Whether an expense is actually deductible.
• Which tax rules apply to your circumstances.
• How a deduction affects your tax refund or tax payable.
• Whether you’ve chosen the most appropriate claim method.
• How different income sources interact for tax purposes.
• Whether you’re likely to receive a refund or have tax to pay at the end of the financial year.

In other words, they answer the question, “What did I spend?”

They don’t answer the much more important question, “What does that mean for my tax?”

For many Australians, receipt tracking apps work well alongside other tax software. They help ensure nothing is forgotten, while more comprehensive tax platforms apply the relevant tax rules and calculate the bigger picture.

Best suited to:

• Employees wanting to keep better tax records
• Sole traders organising receipts and invoices
• Property investors storing supporting documents
• Anyone wanting to reduce paperwork at tax time

May not be the best fit for:

• Australians wanting real-time tax calculations
• People needing guidance on Australian tax rules
• Individuals wanting to understand their overall tax position throughout the year

Real-Time Tax Management Software: The Next Generation of Tax Software

For years, tax software has fallen into one of two categories.

It either helped you keep records throughout the year, or it helped you lodge your tax return at the end of the financial year.

What it didn’t do was answer one simple question:

“Where do I stand right now?”

That’s where a new generation of tax software is changing the way Australians manage their finances.

Rather than waiting until July to understand your tax position, real-time tax management software applies Australian tax rules to your financial information throughout the year, helping you understand how your day-to-day financial decisions affect your overall tax outcome.

Instead of simply recording transactions, it turns financial data into meaningful tax insights.

TaxTank was built specifically for this purpose.

Unlike traditional accounting software, which focuses on producing financial reports, or online tax agents, which concentrate on preparing annual tax returns, TaxTank helps Australians understand their tax position every day of the year.

As new transactions flow into TaxTank through secure Open Banking, the software automatically categorises them, applies Australian tax rules and updates your tax position, giving you an up-to-date view of where you stand throughout the financial year. 

That means you’re no longer waiting until tax time to find out whether you’ll receive a refund or have tax to pay.

You can see how your decisions affect your tax position while there’s still time to do something about it.

TaxTank Tip: Small financial decisions made throughout the year can have a significant impact at tax time. Seeing those impacts in real time makes it much easier to plan ahead rather than reacting after the financial year has ended. 

Imagine checking your tax position before making a financial decision instead of after the financial year has ended.

Buying another investment property.

Starting a side business.

Selling shares.

Purchasing a new laptop for work.

Making an extra super contribution before 30 June.

Rather than guessing how those decisions might affect your tax, real-time tax management software helps you understand the impact while there’s still time to act.

Built for Real Life, Not Just One Income Source

Very few Australians fit neatly into a single category anymore.

You might work full-time while running a weekend business.

Own an investment property while investing in shares.

Receive dividend income, cryptocurrency gains or foreign income alongside your salary.

Traditional software often treats each of these activities separately.

TaxTank brings them together.

Because your tax return brings them together.

Whether your income comes from employment, sole trader activities, investment properties, shares, cryptocurrency or overseas sources, TaxTank helps you understand your overall tax position in one place.

Australian Tax Rules Built Into the Software

Keeping records is important.

Applying the correct tax rules is what actually matters.

TaxTank has been designed specifically around Australian tax legislation, helping automate many of the calculations that Australians traditionally manage using spreadsheets or manual calculations.

Depending on the Tanks you choose, TaxTank can help manage:

• Work-related deductions
• Vehicle logbooks that automatically apply your business and work use percentage across eligible vehicle expenses. 
• Working from home claims to compare eligible claim methods and understand their impact on your tax. 
• Rental property income and deductions
• Residential, commercial and overseas investment properties
• Calculate capital gains tax as you buy and sell investments throughout the year. 
• Shares and cryptocurrency investments
• Asset depreciation
• Sole trader income and expenses
• GST tracking
• Business assets
• Foreign income
• Taxable government payments
• Budgeting, cash flow and wealth tracking

As tax rules change, the software is updated to reflect current Australian legislation, helping reduce the need to manually interpret complex tax changes yourself.

Designed Around Individuals, Not Businesses

One of the biggest differences between TaxTank and traditional accounting software is who it’s built for.

Accounting software is designed to help businesses produce financial reports.

TaxTank is designed to help individuals understand their tax.

That distinction matters.

Instead of navigating charts of accounts, journals, payroll modules and business reporting, TaxTank focuses on the information that matters to individual taxpayers.

How much tax are you likely to pay?

What deductions have you claimed?

How are your investments performing?

Are you on track financially?

What happens if you buy another investment property?

How does additional business income affect your tax?

How much could you save by making an extra super contribution before 30 June?

These are the questions most Australians actually want answered.

Modular Pricing That Grows With You

Not everyone needs the same features.

Someone claiming work-related deductions has very different requirements from a property investor with multiple rental properties or a sole trader managing GST obligations.

Instead of paying for a large accounting platform packed with features you may never use, TaxTank allows you to subscribe only to the areas relevant to your financial situation.

Whether you’re managing employment income, rental properties, a sole trader business or investment portfolios, you can build a solution that grows with you over time.

With pricing starting from just $6 per month, it’s one of the most affordable ways to gain year-round visibility over your tax and finances.

Best Suited To:

TaxTank is ideal for Australians who want more than basic record keeping or an annual tax return.

It’s particularly well suited to:

• Employees claiming work-related deductions
• Sole traders and side hustlers
• Property investors
• Share investors
• Cryptocurrency investors
• Individuals with multiple income sources
• Australians earning both PAYG and self-employed income
• People wanting to manage their tax throughout the year instead of waiting until tax time
• Anyone looking to better understand their overall financial position

Ultimately, the best tax software isn’t necessarily the one with the longest feature list.

It’s the one that helps you make better financial decisions.

For Australians who want to understand their tax position before the end of the financial year, rather than after it, that’s exactly what TaxTank was designed to do.

Why TaxTank Is Different 

Why Tax Software Is Changing 

The way Australians earn money has changed dramatically over the past decade.

Not long ago, many people had a single employer, one PAYG income and a relatively straightforward tax return.

Today, it’s common to have multiple income streams.

You might work full-time while running an online business on weekends. Own one or more investment properties. Invest in shares, ETFs or cryptocurrency. Receive dividend income, foreign income or government payments. Or earn money from freelancing, content creation or the sharing economy.

Each income source comes with its own tax rules, deductions and reporting requirements.

The challenge is that most software was built to solve just one part of that picture.

Accounting software focuses on businesses.

Managed tax platforms focus on sole traders.

Online tax agents focus on annual tax returns.

Receipt apps focus on record keeping.

Very few platforms bring everything together to help Australians understand their complete tax position throughout the year.

As personal finances become more complex, many Australians are looking beyond traditional accounting software and annual tax return services towards solutions that provide year-round visibility.

Instead of asking, “What happened last financial year?”, they’re asking, “Where do I stand today?”

That’s exactly where real-time tax management software is changing the way Australians approach tax.

Which Tax Software Is Right for You?

Choosing the best tax software isn’t about finding the platform with the most features. It’s about finding the one that’s designed for the way you earn your income and manage your finances.

The table below provides a quick guide to help you narrow down the best option based on your circumstances.

While several of these platforms are excellent within their own category, they’re designed to solve different problems. Understanding what each product is built to do will help you choose software that supports your financial goals, rather than paying for features you don’t need.

Tax Software Comparison: Features at a Glance

Not all tax software offers the same functionality. Some are designed for business accounting, while others focus on tax lodgement or record keeping. TaxTank takes a different approach by helping individuals understand their tax position throughout the year.

Feature	TaxTank	Xero / MYOB / QuickBooks	Hnry / Thriday	Etax / One Click Life	MyDeductions / ReceiptHub
Real-time tax position			Limited
Built for Australian individuals			Sole Trader only
Employment deductions		Manual	Limited	During tax return	Record only
Sole trader income				During tax return	Record only
Rental property management		Limited		During tax return	Record only
Shares and capital gains tax				During tax return
Cryptocurrency tax				Limited
Vehicle logbook management			Limited	Limited	Basic records
Working from home deductions			Limited	During tax return	Records only
Multiple income sources		Limited	Limited	At lodgement
Open Banking transaction imports		Direct Integrations	Platform dependent
Budgeting and cash flow		Business reporting	Limited
Ongoing tax planning			Limited
Uses Australian tax rules		Manual	Sole Trader only	At tax time

The best platform depends on what you’re trying to achieve. If your goal is business accounting, Xero, MYOB or QuickBooks remain outstanding options. If you simply need an annual tax return, online tax agents provide an affordable solution. However, if you want to understand your tax position throughout the financial year, real-time tax management software fills a gap that traditional tax software was never designed to address.

Frequently Asked Questions

Conclusion

Choosing the best tax software isn’t about finding the platform with the longest feature list. It’s about choosing software that’s built for the way you manage your money.

If you’re running a business with employees, accounting software like Xero, MYOB or QuickBooks remains an excellent choice.

If you want someone else to handle much of your tax administration, managed platforms like Hnry or Thriday may be the right fit.

If your focus is lodging an annual tax return, online tax agents provide an affordable and convenient option.

If you simply need somewhere to store receipts and records, apps like MyDeductions and ReceiptHub can make tax time much easier.

But if you want to understand your tax position throughout the year, see how financial decisions affect your tax before 30 June and manage multiple income sources in one place, real-time tax management software offers a fundamentally different approach.

TaxTank was built specifically for Australians who want year-round visibility, smarter tax planning and confidence that Australian tax rules are being applied as their financial situation evolves.

Tax software shouldn’t just help you lodge a tax return.

It should help you make better financial decisions every day of the year.

That’s the difference between recording your finances and understanding them.

That’s the future of tax software.

Ready for a Different Type of Tax Software?

By now, you’ve probably realised that not all tax software is designed to do the same job.

Some platforms help businesses manage their accounts.

Some prepare and lodge tax returns.

Some simply keep your receipts organised.

TaxTank was built to solve a different problem.

Instead of just recording transactions, TaxTank applies Australian tax rules to calculate your estimated tax position throughout the year, giving you the confidence to make better financial decisions before tax time arrives.

Whether you’re an employee, sole trader, property investor or managing multiple income sources, TaxTank brings everything together into one live tax calculation, so you always know where you stand.

Most tax software tracks transactions. TaxTank calculates tax.

Start your free 14-day trial today and experience the next generation of Australian tax software.

Start Your Free Trial

If you’re a sole trader or running a simple Pty Ltd company, chances are someone has told you that you need Xero.

It’s become one of those default pieces of business advice.

Starting a business? Get Xero.
Registered for GST? Get Xero.
Set up a company? Definitely get Xero.

But here’s the simple truth.

You might not need it at all.

For many sole traders and simple micro companies, complex accounting software can end up being an expensive extra layer that adds more admin than value.

While Xero is an excellent platform for payroll, advanced bookkeeping, and larger business workflows, it is not automatically the right fit for every business structure.

The myth: every business needs complex accounting software

There’s a long-standing assumption that if you have an ABN or Pty Ltd company, you need full accounting software.

That advice often comes from old bookkeeping habits rather than what your business actually needs today.

Platforms like Xero are fantastic when you need:

• payroll and STP reporting
• multiple employees
• bookkeeper or accountant workflows
• chart of accounts and ledger reporting
• multi-user approvals
• inventory or project tracking
• deeper financial statements

These are all valid use cases.

But that does not apply to everyone.

The old-school advice: keep personal and business separate

For years, the standard advice has been simple:

Keep your business finances separate from your personal finances.

And to be clear, that advice is still important from a legal and operational perspective.

Separate bank accounts, separate records, and clean reporting absolutely matter.

But where the advice becomes outdated is when people assume that means they need completely separate software ecosystems as well.

As we talk about in our article Why Self Employed Accounting Software Should Do It All, the traditional approach was built around the limitations of older software.

Back then, business tools and personal finance tools lived in separate worlds.

So people were told to use one platform for business, another for personal budgeting, and then manually piece everything together.

That might have made sense years ago.

Today, it often just creates extra cost and admin.

Because your money does not actually live in silos.

Your business income affects what you can safely spend personally.
Your GST and tax obligations affect your savings and cash flow.
Director drawings, salary, and distributions all flow back into your personal position.

This is where the old-school model starts to break down.

There is a big difference between:

Keeping finances legally separate
and
Paying for multiple software subscriptions

Modern software can now keep the business activity correctly separated for reporting and tax purposes while still giving you one complete view of your financial life.

That is a much smarter way to manage money for many sole traders and simple companies.

For sole traders, it’s often overkill

If you’re a sole trader, what you often need is much simpler:

• income and expense tracking
• invoices and quotes
• bank feeds
• GST and BAS visibility
• deduction tracking
• real-time tax position
• cash flow clarity

That’s very different from needing enterprise-style accounting software.

Many sole traders end up paying a monthly subscription for features they never use, while still not having a clear view of what they actually owe.

The same goes for simple Pty Ltd companies

This is where the misconception gets even stronger.

A simple Pty Ltd company does not automatically mean you need Xero.

If your company is:

• one director
• no staff
• no payroll
• straightforward business income and expenses
• standard quarterly BAS
• no complex bookkeeping needs

then a large accounting platform may be more than you need.

For many simple companies, the real need is to:

• keep business cash flow visible
• track GST
• prepare BAS
• understand what can be paid out
• keep tax obligations clear

That doesn’t always require a full bookkeeping stack.

TaxTank’s recent updates even specifically support small companies without payroll or inventory, which is exactly this use case.

The hidden cost nobody talks about

The biggest cost is often not the subscription itself.

It’s the stack that builds around it.

Business owners end up paying for:

• accounting software
• bookkeeping support
• accountant fees
• payroll add-ons
• integrations they never use

For a simple business, that can quickly become unnecessary overhead.

When does Xero make sense vs when does TaxTank make sense?

The right software depends on what your business actually needs, not just your structure.

The biggest difference is this:

Xero is excellent for traditional business accounting workflows.

TaxTank is built to help individuals, sole traders, and simple companies understand their real financial position in real time, including what that means for their tax obligations and personal cash flow.

Frequently asked questions

Still paying for software that’s more complex than your business?

If you’re a sole trader or running a simple Pty Ltd company, you may not need to pay for software built for payroll teams, bookkeepers, and larger business workflows.

What you need is clarity.

A clear view of:

• what money is coming in
• what needs to be set aside for GST and tax
• what is available to spend or pay yourself
• where your business and personal position actually sits

TaxTank is built to help you manage your money and tax obligations in one place, without paying for features you don’t need.

Whether you’re a sole trader, side hustler, consultant, contractor, or running a simple company, you can track income, expenses, BAS, and your live tax position all in one platform.

Start your 14-day free trial today and see your full financial position in real time.

Managing your investment property finances is no small task. Between tracking rental income, mortgage interest, depreciation, maintenance, and tax implications, it’s easy to lose clarity without the right property accounting tools. That’s where property accounting software comes in.

In this guide, we’ll cover the top 5 property accounting software options for Australian investors in 2026, breaking down their strengths and weaknesses so you can choose the one that best suits your needs.

1. TaxTank – The Best All-in-One Property Accounting Software

Best for: Property investors who want detailed, real-time insight into every aspect of their investments, especially those managing complex portfolios, including Trusts and SMSFs. Also ideal for sole traders, crypto and share traders, employees, or anyone who wants to manage their tax in real time.

TaxTank is more than property accounting software – it’s a complete tax and property accounting platform built for Australians. Unlike other tools that only track rental income and expenses, TaxTank gives property investors full control: it connects directly to your bank feeds, automatically applies deductions, updates property values in real time, and calculates tax across your entire portfolio – not just property. For property accounting and overall tax management, it removes the need for multiple spreadsheets and manual tracking.

With TaxTank, you can see your live tax position all year, not just at tax time. Whether you own multiple investment properties, run a side business, trade shares, or manage a Trust or SMSF, it gives you the full picture so you can make smarter decisions and keep more money in your pocket.

Features:

Automated Bank Feeds
Link your accounts and let automation rules categorise expenses for you, saving hours on manual data entry.

Property Tank
Manage all your properties in one place, no matter the ownership structure, with real-time tracking of income, expenses, tax, and cash positions. Features include:

• Live CoreLogic property values and growth percentages
• Instant CGT calculations and real-time impact on tax returns
• Depreciation schedules with automated low-value pool and asset write-offs
• Loan balances, equity tracking, and borrowing power analysis via the Net Surplus Ratio report
• Performance monitoring, including capital growth, LVR, and yields
• DIY project tracking for structural improvements
• Automated allocation of borrowing expenses for loans and refinancing
• Custom portfolios for properties in Trusts, companies, or SMSFs
• Claim percentage calculations for shared properties, including Airbnb, Stayz, and room rentals
• Pre-rental expense tracking for properties not yet generating income
• Instant property tax reports for accountants
• Secure document storage in the Spare Tank’s dedicated property folder
• Integration with Sharesight for live property data sync

Holdings Tank
Manage crypto, shares, and unlisted assets with real-time performance tracking and built-in CGT calculations.

Sole Tank
Designed for sole traders and freelancers to track income, expenses, and deductions instantly, with smart automation.

Work Tank
Keep tabs on income and work-related expenses, including:

• Home Office Diary for remote workers
• Vehicle logbook with automatic calculation of deductions

Real-Time Tax Dashboard
See exactly how much tax you owe or the refund you can expect, updated live as your finances change. Track HECS/HELP balances, net worth, and tax forecasts year-round.

Seamless Integrations
Two-way sync with Sharesight and a growing list of partners ensures your data flows effortlessly.

Document Management
Store and manage all your documents and receipts securely in the Spare Tank.

Pros:

• Covers more than just property – handles tax across all income types.
• Live visibility of tax position all year, not just at EOFY.
• Designed by Australian accountants and property investors.
• Removes spreadsheets and manual record-keeping.
• Transparent pricing with free CGT calculator for property, shares and crypto.
• Excellent for both DIY investors and accountants/advisors.

Cons:

• Setting up your bank feeds may take a few minutes initially, particularly if your investment property loans are held in a trust or SMSF, as the bank may require additional authorisation to access this data.
• Some accountants used to Xero may be slow to switch, even if new software could offer their clients better features or savings.

Verdict: TaxTank is the clear winner for property investors who also have other income sources or want full control of their tax. It goes far beyond property-only tools by giving you the complete financial picture.

2. The Property Accountant

Best for: Property investors who only want to track their property income and expenses.

The Property Accountant is a niche property accounting platform designed specifically for property investors in Australia. It allows the management of many property-related financial tasks, such as recording settlement statements and depreciation schedules, and provides visibility into loan balances and equity.

Features:

• Simple Property Oversight
• Manual income and expense tracking.
• Integration with 100+ banks via open banking for loan accounts only.
• Simple Depreciation Calculator
• Mobile app and web portal.

Pros:

• Tailored for Australian property investors.
• Good for manually tracking property-specific income and expenses.
• Affordable with a short free trial.

Cons:

• Focused on property only and doesn’t cover other tax areas like shares, crypto, sole trader income, or employee deductions.
• Live bank feeds aren’t available for transaction accounts or credit cards, so not all transactions are captured automatically.
• No live property valuations or integrations.
• No automation rules for allocating expenses from live bank feeds.
• Depreciation calculations are limited and don’t automatically manage low-value pool assets or instant write-offs for items under $300.
• Pricing varies by property type, which can get costly for moderate or larger investment portfolios.
• Capital Gains Tax features are basic and may not cover more complex scenarios.

Verdict: Ok for property-only investors, but restrictive if your finances extend beyond real estate.

3. PropertyMe

Best for: Property managers and real estate agencies.

PropertyMe is cloud-based property management software that helps agencies and property managers run their rent rolls. While it has accounting features, it’s not designed for individual investors managing their own portfolio.

Features:

• Live bank feeds and reconciliation.
• Trust accounting.
• Automated rent collection.
• Tenant portal for payments and maintenance.

Pros:

• Strong tool for property managers.
• Automates rent collection and reporting.
• Cloud-based access.

Cons:

• Not designed for individual investors.
• No free trial.
• Pricing may be too high for small landlords.

Verdict: Excellent for agencies, but not the right fit for DIY investors.

4. Excel & Google Sheets

Best for: Very small portfolios or beginner landlords.

Spreadsheets are often the first stop for new landlords. They’re a low-cost property accounting solution for very small portfolios, but they come with serious limitations. All income and expense tracking is manual, which can quickly get messy and prone to errors.

Features:

• Manual recording of rental income, mortgage payments, and expenses.
• Basic financial calculations.
• Custom reporting and charts (if you know your formulas).

Pros:

• Low cost or free.
• Familiar for most users.

Cons:

• Manual entry takes time and invites mistakes.
• No automation, no integrations, and no real-time insights.
• Limited tax support.

Verdict: Fine for one property and a tight budget, but not sustainable as your portfolio grows.

5. Xero

Best for: Landlords who already use Xero for business.

Xero is a general accounting tool that can handle property accounting, but often requires additional apps or a bookkeeper. It integrates with some property management apps and provides automated bank feeds and reporting. However, it’s a general accounting tool, not tailored for property investment or Australian tax rules.

Features:

• Automated bank feeds and reconciliation.
• Income and expense tracking.
• Integration with apps like Re-Leased and Landlord Studio.

Pros:

• Powerful accounting tool with strong reporting.
• Good integrations.
• Free 30-day trial.

Cons:

• May require a bookkeeper or accountant.
• May also require additional plugins to get required functionality.
• Not built specifically for property or Australian investors so add ons are required
• Pricing starts higher than dedicated property tools.

Verdict: Great general accounting software, but less efficient for property tax compared to purpose-built solutions.

Final Thoughts

When it comes to property accounting, having the right software makes a huge difference for Australian investors. While The Property Accountant, PropertyMe, Excel, and Xero each serve a purpose, they all fall short when it comes to giving investors a complete tax and property solution.

TaxTank takes the top spot because it combines everything investors need in one platform – property, shares, crypto, sole trader income, deductions, and real-time tax visibility. It’s designed for Australians, by Australians, and removes the stress of managing tax at the end of the year.

Best overall choice in 2025: TaxTank.

Ready to ditch spreadsheets and get real-time tax insights? Start with TaxTank today and see why thousands of Australians trust us as their #1 choice.

Frequently Asked Questions About Property Accounting Software in Australia

Loan interest, depreciation, borrowing costs, repairs, ownership percentages, capital improvements, negative gearing and capital gains can all affect your final tax position. If you also earn a salary, operate a sole trader business or own other investments, the complete picture becomes even more complicated.

The right rental property accounting software can help you keep accurate records and reduce the work required at tax time. However, not every platform is built for the same purpose.

Some software is designed for business accounting. Some help landlords manage tenants and maintenance. Other platforms focus on property performance or specialised property tax software that applies Australian tax rules.

This guide compares the main types of rental property accounting software available in Australia and explains which option may best suit your investment strategy.

Rental property accounting software compared

*Standard starting prices available in August 2026, excluding temporary introductory offers. Software pricing and inclusions can change.

What should rental property accounting software do?

The best rental property accounting software depends on what you are trying to manage.

If you only need to record rental income and expenses, standard accounting software or a spreadsheet may be enough. If you manage tenants directly, you may need features such as rent collection, lease records, inspections and maintenance requests.

However, property investors who want to understand the tax and financial effect of their portfolio need more than a rental ledger. A dedicated investment property tracker can also provide visibility over cash flow, equity, growth and performance.

Useful rental property accounting software should help you:

• Track rental income and expenses separately for each property
• Import transactions from eligible bank accounts
• Categorise property expenses correctly
• Manage loan interest and borrowing expenses
• Track depreciation and capital works
• Record repairs, maintenance and capital improvements
• Apply different property ownership percentages
• Manage short-term or shared accommodation
• Calculate live capital gains
• Store receipts, statements and supporting documents
• Produce reports for your accountant
• See how each property affects your overall tax position
• Monitor property cash flow, equity, growth and performance

The important distinction is whether the software merely records transactions or also calculates what those transactions mean for your tax.

1. TaxTank

Best for Australian property investors who want live tax and portfolio visibility

TaxTank is Australian rental property accounting software designed specifically for individual investors.

Unlike traditional business accounting software, TaxTank brings your investment properties together with your employment income, sole trader income, shares, cryptocurrency and other personal tax information. It then automatically applies Australian tax rules to calculate your overall tax position throughout the year.

TaxTank’s property portfolio software allows you to manage personally owned and jointly owned investment properties while also creating separate portfolios for properties held in trusts, companies and SMSFs.

Key features

• Secure Open Banking feeds for eligible accounts
• Rental income and expense tracking
• Automated bank rules for recurring transactions
• Property ownership and claim percentages
• Loan interest and borrowing expense management
• Capital works and asset depreciation
• Renovation and capital improvement tracking
• Negative gearing calculations
• Property capital gains tax calculations
• Short-term rental and shared accommodation support
• CoreLogic property values
• Cash flow, equity, growth, yield and LVR tracking
• Receipt and document storage
• Reports for accountants
• Collaboration with co-owners, accountants, brokers and advisers
• Multiple financial years using the relevant rules for each supported year
• AI onboarding support and help (with more to come soon)

Because TaxTank combines property activity with your other income and deductions, it shows how an investment property may affect your individual tax position rather than reporting on the property in isolation.

What TaxTank does not do

TaxTank is not tenant or property management software. It does not advertise vacancies, collect rent from tenants, schedule inspections or manage maintenance requests.

It also does not lodge tax returns. You can use its reports to prepare to self-lodge through myTax, invite your accountant to access your account directly or provide the organised information to them in standard reports your accountant would understand.

Cost

Property Tank costs $15 per month, paid annually for the first five properties. Additional properties cost $3 each per month, paid annually.

Best suited to

• Individual property investors
• Investors with multiple properties
• Joint property owners
• Investors with employment and rental income
• People managing properties across different ownership structures, including Trusts, Companies and SMSFs
• Investors wanting to track and calculate depreciation, negative gearing and CGT
• Anyone replacing an investment property spreadsheet

2. Xero

Best for businesses already using Xero

Xero is one of Australia’s best-known cloud accounting platforms. It includes bank reconciliation, invoicing, expense tracking, GST reporting, payroll and financial reports.

It can be configured to track rental income and expenses using separate accounts, tracking categories or individual organisations. This can work well when a property is held within a company, trust or business structure already using Xero.

However, Xero is business accounting software rather than dedicated property tax software.

It can record rental property transactions, but it does not automatically bring those records together with an individual investor’s salary, work deductions, Medicare levy, HELP debt, shares, cryptocurrency and other personal tax information.

Property-specific calculations such as depreciation, negative gearing and CGT may require separate schedules, apps, spreadsheets or assistance from an accountant.

Key features

• Bank feeds and reconciliation
• Income and expense tracking
• Bills and invoicing
• GST and BAS reporting
• Financial statements
• Accountant and bookkeeper access
• Large integration marketplace

Cost

Australian Xero plans start from $37 per month ($444 per year) at the standard price, with higher plans available for additional accounting, payroll and reporting requirements.

If each property or ownership structure requires a separate Xero organisation, the total cost can increase considerably.

Best suited to

• Companies and trusts already using Xero
• Businesses with employees or payroll
• Investors who need formal business accounting

May not suit

• Individual investors wanting personal tax calculations
• Investors who need built-in property depreciation and CGT tools
• People who do not need invoicing, payroll or broader business accounting

3. MYOB

Best for businesses needing established accounting tools

MYOB provides accounting, invoicing, bank reconciliation, payroll, inventory and financial reporting for Australian businesses.

Like Xero, MYOB can record rental income and property expenses when the accounts and categories are configured correctly. It may suit a company or trust that already uses MYOB for its broader accounting requirements.

Its primary purpose is still business accounting, not calculating the complete personal tax position of an individual property investor.

Property depreciation, ownership apportionment, negative gearing and capital gains may need to be managed through additional records or with assistance from an accountant.

Key features

• Bank account connections
• Income and expense tracking
• Receipt storage
• GST and BAS reporting
• Invoicing
• Payroll options
• Business financial reports
• Accountant access

Cost

MYOB Business Lite has a standard price of $315 per year, excluding temporary introductory offers. More advanced plans cost more and include additional business, payroll and reporting features.

Best suited to

• Small businesses already using MYOB
• Companies or trusts requiring business accounts
• Investors who also need invoicing, payroll or GST reporting

May not suit

• Individual investors seeking property-specific tax calculations
• Investors wanting portfolio performance and personal tax in one platform
• People who would be paying for business features they do not use

4. QuickBooks Online

Best for small businesses wanting accessible cloud accounting

QuickBooks Online is another established accounting platform for small businesses. It includes income and expense tracking, bank connections, invoicing, GST management and financial reporting.

Rental properties can be tracked using classes, locations or separate accounts, depending on the subscription and accounting setup.

QuickBooks can help maintain clean financial records, but it is not built specifically around Australian investment property tax. It generally will not calculate how rental losses, depreciation or a future capital gain affect your complete individual tax position.

Key features

• Bank transaction imports
• Income and expense tracking
• Receipt capture
• Invoicing
• GST tracking
• Profit and loss reports
• Accountant access
• Cloud and mobile access

Cost

QuickBooks Online starts from approximately $29 per month ($348 per year) at its standard Australian price, excluding introductory offers.

Best suited to

• Small businesses already using QuickBooks
• Investors comfortable configuring their own accounting categories
• Entities requiring general business financial reports

May not suit

• Investors wanting dedicated Australian property tax tools
• People who want depreciation, negative gearing and CGT calculations included
• Individual investors without broader business accounting requirements

5. Landlord and property management software

Best for managing tenants, rent and maintenance

Property management software solves a different problem from property accounting software.

Platforms such as RentBetter can help self-managing landlords advertise properties, screen tenants, collect rent, manage leases and organise maintenance. Other systems, including PropertyMe, are primarily designed for real estate agencies and professional property managers.

These tools can be valuable if you manage the day-to-day relationship with tenants yourself.

However, managing a tenancy is not the same as managing your individual tax position. Property management software may record rental transactions and produce owner statements, but it will not necessarily calculate:

• Property depreciation
• Borrowing expense deductions
• Negative gearing against your other income
• Capital gains tax
• Your complete personal tax position
• Tax effects across multiple types of investments

Many investors use property management software or a managing agent alongside separate tax software.

Best suited to

• Self-managing landlords
• Property managers and real estate agencies
• Investors needing tenant communication and maintenance tools
• Landlords wanting rental payment and lease management

May not suit

• Investors whose main priority is tax
• People using a professional property manager already
• Investors wanting a complete view across salary, property and investments

6. Investment property spreadsheets

Best for simple record keeping with a very limited budget

A free investment property spreadsheet can be a reasonable starting point for someone with one uncomplicated rental property.

It allows you to create categories for rent, interest, repairs, insurance, rates and other expenses without paying for software. You also retain control over the format and calculations.

The limitation is that a spreadsheet only does what you build it to do.

It does not automatically import transactions, store receipts against individual entries or update itself when Australian tax rules change. Depreciation, ownership percentages, capital works, borrowing expenses and CGT calculations must all be created and maintained manually.

As a portfolio grows, so does the risk of inconsistent categories, broken formulas, missed expenses and information being stored across multiple files.

Best suited to

• Investors with one simple property
• People who enjoy maintaining spreadsheets
• Basic income and expense tracking
• Investors who have an accountant completing all tax calculations

May not suit

• Multi-property portfolios
• Jointly owned properties with changing use
• Investors wanting live tax calculations
• Properties involving renovations, depreciation or future CGT
• People who want automatic transaction imports

Rental property accounting software and property management software are not the same

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

Some platforms cover more than one category, but very few cover all of them.

Before choosing software, decide whether your priority is managing tenants, producing business accounts, tracking portfolio performance or understanding your property tax position.

Which rental property accounting software is best for you?

Choose TaxTank if:

• You own property as an individual or joint owner
• You want to see how property affects your complete tax position
• You need depreciation, negative gearing and CGT calculations
• You want to manage multiple properties and ownership structures
• You want property performance and tax information together
• You are replacing spreadsheets

Choose Xero, MYOB or QuickBooks if:

• Your property is operated through a business requiring formal accounts
• You need payroll, invoicing or business financial statements
• Property-specific tax calculations will be handled separately

Choose landlord software if:

• You manage your own tenants
• You need rental advertising, leases and inspections
• You want to collect rent or manage maintenance online
• Tax calculations are handled through another platform

Choose a spreadsheet if:

• Your property affairs are uncomplicated
• You are comfortable maintaining formulas and records manually
• You only need basic income and expense tracking
• Your accountant handles the complex calculations

Why property investors need more than bookkeeping

The Australian Taxation Office’s rental property guidance explains that investors need to keep records, declare rental income and determine which expenses can be claimed immediately or over time.

Bookkeeping records what happened. Property tax calculations explain what it means.

A loan repayment, for example, cannot simply be treated as one deductible expense. The interest component may be deductible, while the principal repayment generally is not.

A renovation may need to be treated as capital works rather than an immediate repair. Understanding the treatment of different property tax deductions is essential because recording an expense does not automatically make it immediately deductible. Borrowing expenses may need to be claimed over several years. Some costs cannot be deducted now but may form part of the property’s CGT cost base.

Ownership, private use, rental availability and the date an expense was incurred can also change its tax treatment.

This is why generic transaction tracking does not always give property investors the answer they actually need. Recording the amount is only the first step. Applying the correct tax treatment determines the outcome.

The best option for Australian property investors

There is no single platform that will be right for every landlord.

Xero, MYOB and QuickBooks are strong choices for business accounting. Property management platforms are better for managing tenants and leases. Spreadsheets can work for basic record keeping.

TaxTank is designed for property investors who want to understand both their portfolio and their tax position throughout the year.

It brings rental income, property expenses, depreciation, loans, capital improvements, ownership details and CGT records together while also accounting for employment income, sole trader activity and other investments.

That means you are not simply looking at whether a property made a profit or loss. You can see how that result may affect your complete live tax position.

Frequently asked questions

Stop managing property tax in hindsight

Your property’s tax position changes throughout the year as rent is received, interest is charged, expenses are incurred and improvements are completed.

Waiting until tax time means trying to reconstruct those decisions after the opportunity to manage them has passed.

TaxTank gives Australian property investors a clearer view throughout the year by bringing property records, tax calculations and portfolio performance together in one place.

START YOUR FREE 14-DAY TRIAL

At TaxTank, we’ve spent the last few months fine-tuning, integrating, and launching features designed to give you more control, more visibility, and a whole lot less admin.

From smarter onboarding and custom depreciation tools to real-time property data, live portfolio syncs, and exclusive offers from trusted partners, everything we’ve built is designed to help you track smarter, claim better, and save more (on tax and time).

Here’s a quick look at what’s new in TaxTank.

New Features

Intuitive Onboarding Experience

Smart setup. Seamless start. Total control from day one.

We’ve redesigned onboarding to make getting started with TaxTank faster, easier, and smarter, whether you’re brand new or already tanking like a pro.

Each Tank now comes with its own tailored onboarding experience, complete with short product tours and guided setup goals. Whether you’re a property investor, sole trader, or just want to stay on top of tax year-round and claim every possible deduction, you’ll know exactly where to start and what to do next.

New to TaxTank? Simply select your Tanks, follow the guides, and unlock live tax tracking in minutes. No spreadsheets, no confusion.

Already using TaxTank? Keep an eye out for any incomplete goals inside your existing Tanks and make sure you’re getting the most out of every feature.

Less overwhelm. More insight. Built for real life, not just EOFY.

Manually Add Assets to the Low Value Pool

Because real life doesn’t always fit neatly into $1,000 rules.

Professional depreciation schedules often group similar assets, like curtains, blinds, or freestanding furniture, when each item is under $1,000, even if the total combined value exceeds the Low Value Pool threshold. Now, you can do the same with just one tick.

With our new feature, simply tick ‘Include in Low Value Pool’ when adding an item, and we’ll handle the accelerated depreciation for you.

One tick. No spreadsheets. Maximum deduction.

Custom Depreciation Categories

Built for the exceptions – commercial, complex, or custom.

Most assets follow ATO depreciation rates, but not all. Whether you’re managing commercial properties, specialised fit-outs, or using depreciation reports with custom effective lives, you can now create tailored categories in TaxTank.

Just name your category, set the effective life, and claim with precision.

More control. Smarter compliance. Same simple process.

Partner Widget

Smarter tools, exclusive offers, and instant quotes, right inside your Tank.

Say hello to the Partner Widget, now live on your TaxTank dashboard. We’ve teamed up with hand-picked providers to bring you trusted services, quick quotes, and exclusive deals right when (and where) you need them.

Whether it’s life, income, or health insurance, fixed-price depreciation schedules, or tools to bring your shares together, our partners are here to help you save time, money, and yep, a whole lot of tax too.

And we’re just getting started. More offers, smarter tools, and some game-changing rate review features are brewing. Watch this space.

New Integrations

CoreLogic Property Data

Live market values, monthly updates, and smarter property insights are here.

We’ve partnered with CoreLogic, Australia’s leading provider of property data and analytics, to bring live market insights straight to your dashboard.

Track your property performance with automated market values (AVMs) and growth percentages, both updated monthly to keep your equity position and capital gains in check. No spreadsheets needed.

Whether you’re planning to refinance, grow your portfolio, or just want to stay informed, CoreLogic’s data gives you the visibility and confidence to make smarter property decisions.

Live values. Capital growth. Powered by CoreLogic. Built into TaxTank.

Sharesight + TaxTank

Smarter CGT tracking and full portfolio visibility is now fully connected.

We’ve joined forces with Sharesight to give you a seamless view of your entire investment portfolio – across shares, crypto, and now property too.

With this integration, TaxTank automatically pushes live property data into Sharesight, giving you a complete view of capital growth and total portfolio performance without the manual data entry.

Even better? You can also pull data from Sharesight directly into TaxTank, automating CGT calculations across all asset classes. No spreadsheets. No double-handling.

One platform. Total oversight. Tax time, simplified.

And we’re not done yet. With even more updates and features on the way, the second half of the year is shaping up to be our biggest yet.

Log in or sign up for a 14 day free trial now to explore what’s new and see what’s coming next.

In this guide, we’ll break down everything you need to know. From key tax implications to the best accounting software. Let’s dive in!

What Is Investment Property Accounting?

Investment properties aren’t just about location and capital growth; they’re also about financial management. Without proper accounting, you could be paying too much tax, missing out on deductions, or struggling to keep up with compliance requirements.

Key Principles for Property Investment Accounting

• Accrual vs. Cash Accounting: Most property investors use cash accounting, meaning income is recorded when received, and expenses are recorded when paid.
• Separate Finances: Mixing personal and property expenses is a recipe for confusion. Keep separate accounts for clarity—unless of course, you use an investment property accounting software that lets you track every cent.
• Depreciation Schedules: A good depreciation schedule can mean thousands in tax savings each year.

Tax Implications of Investment Property Accounting

Rental Income and Tax Obligations

The ATO considers rental income taxable. This includes rent payments, bond money retained, and reimbursements for expenses. Keeping detailed records ensures accurate tax reporting.

Deductible Expenses for Property Investors

The good news? You can deduct a range of expenses, including: 

Interest on your investment loan 

Council rates and body corporate fees 

Repairs and maintenance (but not initial improvements) 

Property management fees 

Depreciation on assets like carpets and appliances

Depreciation and Capital Allowances

Depreciation is often overlooked but can significantly reduce taxable income. Two types apply:

1. Capital Works Deduction: Covers structural improvements (e.g., renovations).
2. Plant and Equipment Depreciation: Covers removable assets like blinds, carpets, and air conditioners.

Common Plant and Equipment Depreciation for Investment Properties

Managing Your Investment Property Accounting

Setting Up an Effective Record-Keeping System

Good record-keeping simplifies tax time and protects you in case of an audit. Use accounting software, spreadsheets, or even apps that integrate with your bank.

Budgeting for Maintenance and Unexpected Costs

Unexpected expenses like urgent repairs or vacancies can hurt cash flow. Budgeting for these ensures you’re never caught off guard.

Calculating Return on Investment (ROI) and Cash Flow

Understanding your numbers is key to making profitable decisions. Two key metrics:

• ROI: (Net Profit / Total Investment) × 100
• Cash Flow: Rental Income – Expenses

Best Accounting Software and Tools for Property Investors

Key Features to Look For in Accounting Software

Not all accounting tools are created equal! Look for software that offers: 

Bank feed integration 

Expense tracking and categorisation 

Depreciation calculations 

Tax reporting features

Comparison of Popular Accounting Tools

How TaxTank Simplifies Property Accounting

Unlike generic accounting tools, TaxTank is designed specifically for Australian property investors. It tracks rental income, automates expense categorisation, and ensures you claim every deduction available.

Want to make property accounting stress-free? Try TaxTank today!

Real-World Applications of Investment Property Accounting

Case Study: Maximising Tax Benefits with Accurate Accounting

Sarah owns two investment properties but wasn’t tracking expenses properly. After switching to TaxTank, she identified $5,000 in missed deductions and optimised her cash flow, increasing her ROI.

Common Mistakes Investors Make and How to Avoid Them

Mixing personal and investment finances

Forgetting to claim depreciation

Not keeping receipts for deductible expenses

Working with an Accountant vs. DIY Property Accounting

While software makes self-managing your property finances easier, complex portfolios may still benefit from professional advice. A hybrid approach (DIY software + accountant review) is often the best of both worlds.

Frequently Asked Questions

Final Thoughts

Mastering investment property accounting isn’t just about compliance, it’s about maximising returns, reducing tax liabilities, and making smarter financial decisions. Whether you’re using software like TaxTank or working with an accountant, having a solid system in place makes all the difference.

Ready to simplify your investment property accounting? Sign up for TaxTank today and take the hassle out of tax time!

That is why we are thrilled to announce the new TaxTank and Sharesight Integration. This collaboration brings together TaxTank’s expertise in property tax management and Sharesight’s industry-leading investment tracking. The result is a fully automated, integrated solution that gives you complete control over your tax position every single day.

Bridging the Gap: Why We Chose Sharesight

In today’s fast-paced investment world, keeping tax and investment data isolated is a recipe for missed opportunities. Sharesight has already revolutionised the way share investors track their portfolios by offering:

• Seamless aggregation of multiple portfolios: Bring together all your investments in one view.
• Automatic dividend tracking: Stay on top of every payout without lifting a finger.
• Comprehensive performance reporting: Gain insights that empower smarter decisions.

These are the same features that property investors have been waiting for. With the TaxTank and Sharesight integration, we are extending this level of automation and clarity to property portfolios. This means:

• A unified experience: Manage property alongside shares, ETFs, crypto, and more from one dashboard.
• Real-time tax insights: Monitor your CGT, deductions, and cash flow with up-to-date information.
• Proactive planning: Stay ahead of the ATO and avoid the last-minute scramble.

This is not just about filling a gap; it is about reshaping the future of tax and investment management so every investor can grow their wealth with confidence.

How the TaxTank and Sharesight Integration works

The TaxTank and Sharesight integration is designed with simplicity and efficiency in mind, eliminating the need for manual data entry and complex spreadsheets. Here is how it all comes together:

Pushing Property Data into Sharesight

• Automatic Custom Investments: Push property data from TaxTank into Sharesight, creating custom investments without any manual effort.
• Real-Time Portfolio Insights: Track rental income, market values, and CGT positions alongside your other investments in one place.
• Complete Investment Performance: Enjoy a full financial picture that spans across asset classes.

Syncing Sharesight Trade Data Back into TaxTank

• Automated CGT Tracking: Seamlessly calculate CGT across property, shares, ETFs, and crypto.
• Live Tax Insights: Know exactly where you stand with real-time tax visibility, ensuring you are never caught off guard.
• Year-Round Tax Reporting: Save time and reduce stress with reports that are always ATO-ready.

Empowering Advisors and Investors Alike

• Effortless Collaboration: Eliminate the need for cumbersome spreadsheets. With live data syncing, both investors and advisors can collaborate in real time.
• Smarter Financial Planning: Accountants and advisors can access up-to-date figures, enabling proactive tax strategies and smarter decision-making.

Why Investors Should Connect Using the TaxTank and Sharesight Integration

This partnership is not just another integration; it is a game-changer for anyone managing a diverse investment portfolio. Here is why connecting the TaxTank and Sharesight Integration is the smart move:

• One Dashboard for Everything: Manage property, shares, ETFs, crypto, and even sole trader income in one seamless interface. No more juggling multiple platforms; get a live view of your tax and investment performance all year long.
• Tax Planning, Not Just Tax Lodging: With the ATO watching in real time, why wait until tax season to act? Monitor your tax position daily, maximize deductions, and sidestep those unwelcome tax-time surprises.
• Built Specifically for Property Investors: Unlike generic business accounting software, TaxTank is designed for property portfolios. It automates complex tasks such as negative gearing, borrowing expenses, depreciation schedules, LVR tracking, and real-time CGT calculations.
• Advanced CGT Tracking for Property: TaxTank goes beyond simple calculations by automating the application of 6,000 pages of tax legislation. This includes grandfathering provisions, cost base adjustments, and CGT concessions based on property usage and ownership structure.
• Seamless Advisor Collaboration: With live, automated investment and tax data syncing, advisors can access the information they need at any time. This means smarter tax strategies, more effective financial planning, and reduced costs.
• ATO-Ready Compliance, Minus the Stress: Enjoy automated transaction syncing, built-in tax law tracking, and audit protection, all designed to keep you compliant without the headache of endless paperwork.

Ready to Transform Your Investment Management?

The integration of TaxTank and Sharesight is not just a new feature; it is a revolutionary way to manage your investments and tax obligations. Whether you are a property investor, share trader, or managing a mix of asset classes, this partnership puts you in control.

Sign up for TaxTank today and unlock the power of our integration with Sharesight. Enjoy real-time tax automation, streamlined portfolio tracking, and a unified dashboard that puts you in control of your investments. Whether you’re a property investor, share trader, or managing a mix of asset classes, our integrated solution empowers you to plan proactively, maximise deductions, and stay ahead of the ATO.

Don’t let outdated processes hold you back. Register now and start experiencing a new era of efficient, automated investment and tax management.

Sole Tank brings together income and expense tracking, quotes, invoices, business assets, Profit & Loss reports and supported GST and BAS information. With additional Tanks, you can include employment income, rental properties and investments in the same personal tax calculation.

The right software also depends on how your business operates. Payroll, inventory, reporting requirements and your accountant’s workflow may influence your choice.

This guide compares TaxTank, Xero, MYOB and QuickBooks, explaining what to look for and when each type of software may suit your business.

Sole trader accounting software should cover more than transactions

Good accounting software helps you record income, track expenses, send invoices and understand business performance.

For sole traders, there is another consideration: business profit contributes to your individual taxable income. Your salary, other income and eligible deductions can also affect the final tax result.

When comparing software, check whether it calculates business profit only or also helps calculate your overall personal tax position. TaxTank connects those calculations using the information recorded in your account and the relevant Tanks.

What to look for in accounting software for sole traders

Start with the tasks you need to manage each week, then consider reporting and tax preparation.

TaxTank suits sole traders who want business records and personal tax calculations together. Businesses needing payroll, inventory or more complex accounting workflows should compare platforms and plans that support those requirements.

Popular accounting software for sole traders in Australia

Xero

One of the most popular accounting platforms in Australia.

• Strong invoicing and reporting
• Built primarily for businesses and companies
• Can be overkill for simple sole trader setups
• Tracks transactions, but doesn’t calculate your tax position

Xero works well if you need full accounting functionality, but many sole traders find it more complex than necessary.

MYOB

A long-standing accounting solution.

• Comprehensive compliance tools
• Designed for businesses with more complex needs
• Can feel heavy for simple sole trader setups
• Requires manual interpretation of tax outcomes

MYOB is powerful, but often better suited to structured businesses rather than individual sole traders.

QuickBooks

A global accounting platform with solid features.

• Easy to use with good expense tracking
• Strong invoicing functionality
• Limited visibility into your actual tax position
• Still relies on year-end adjustments

It’s a solid tool for bookkeeping, but doesn’t provide clarity on your actual tax position.

TaxTank: Sole trader accounting, personal tax and simple business reporting

TaxTank combines everyday business tools with live individual tax calculations. Track income, expenses, invoices and assets while seeing how your sole trader activity affects your calculated tax position.

• Manage up to six sole trader businesses under your ABN.
• Track vehicle use, working-from-home deductions and depreciation.
• Prepare supported GST and BAS reports.
• Generate cash or accrual Profit & Loss reports.
• Add the relevant Tanks to include employment income, property and investments in your personal tax calculation.

Useful for simple companies and other business activities too

TaxTank also suits one-person companies, simple trusts, partnerships and commercial property activities that need income and expense tracking, GST, BAS information and financial reports.

You can add these activities outside the six-business sole trader allowance and exclude them from your personal tax summary. Their records and reports remain available without treating their results as your individual income.

Looking for a simpler alternative to Xero?

Many sole traders start with Xero.

But over time, they realise:

• they’re paying for features they don’t use
• they still need spreadsheets for tax
• they don’t have a clear tax position

If you:

• don’t run a company
• don’t need complex accounting workflows
• want clarity on your real numbers

Then a simpler, tax-focused solution like TaxTank may be a better fit.

Choose accounting software that fits the person behind the business

TaxTank is our recommendation for sole traders who want business accounting tools and live personal tax calculations in one platform.

Manage your invoices, income, expenses and business records in Sole Tank. Add other Tanks where relevant to connect your employment, property or investment income with your overall tax position.

Sole Tank costs the equivalent of $9 per month, paid annually at $108. Try TaxTank free for 14 days, with no credit card required.

Explore Sole Tank.

Frequently asked questions

Whether you own one investment property or a few, the accounting involves more than adding up rent and subtracting expenses. Depreciation, loan interest, ownership percentages and capital gains records all need attention.

TaxTank brings these details together in Property Tank, applying Australian tax rules to your recorded information and showing how your rental properties affect your live personal tax position.

You do not need a large portfolio to benefit from knowing where you stand throughout the year.

Why Small Landlords Need Smart Rental Property Accounting Software

A small portfolio can still create a sizeable amount of admin.

Rental statements arrive from your property manager. Interest appears in your loan account. Rates, insurance and repairs are paid at different times. Receipts end up in emails, folders and occasionally somewhere you were certain you would remember.

Then tax time arrives, and you have to bring it all together.

Rental property accounting software helps you maintain those records throughout the year. For small landlords, the most useful tools should make it easier to:

• Track rental income and expenses for each property.
• Keep receipts and supporting documents organised.
• Manage depreciation and capital works records.
• Record ownership and relevant claim percentages.
• Retain information needed for a future property sale.
• See how rental activity affects your overall tax position.
• Share current information with your accountant.

The goal is straightforward: less time reconstructing your records and a clearer understanding of your investment.

TaxTank: Built for Australian Taxpayers

TaxTank is designed around Australian tax and the way individuals manage their finances.

That matters if you earn a salary alongside rental income. Your property’s financial result is part of a wider personal tax calculation, rather than a separate set of business accounts.

Property Tank brings rental income, expenses, depreciation, ownership splits, loans, equity and capital gains calculations together.

With the relevant Tanks, TaxTank also connects your property activity with employment income, sole trader income, shares, cryptocurrency and supported foreign income.

You can see how your properties affect your calculated tax position, with the detail kept alongside your financial records.

One property deserves proper accounting too

You do not need ten properties before depreciation, ownership or capital gains become important.

Even one rental property can involve years of acquisition records, expenses, improvements and changes in use.

Keeping that information connected from the beginning makes it easier to manage the property now and find the relevant records later.

Real-Time Tax Position: Know Where You Stand Throughout the Year

A rental income and expense report tells you how the property performed. Your personal tax calculation tells you how that result fits into the rest of your finances.

For a landlord who also receives employment income, that distinction matters.

TaxTank calculates your live tax position using the income, deductions and other relevant information you record. As your records change, you can see the effect on your calculated tax position.

That gives you something more useful than waiting until your return is prepared to discover the outcome.

Your live tax summary depends on keeping your information complete and accurate. It gives you an ongoing view of your recorded position throughout the year.

Comprehensive Expense Management: Keep the Details Together

Managing rental property expenses means keeping more than a list of payments.

You need to know which property an expense relates to, what it was for and where the supporting document is stored.

TaxTank helps you organise property expenses such as:

• Loan interest.
• Council rates and relevant charges.
• Insurance.
• Property management fees.
• Repairs and maintenance.
• Other property-related costs.

Through Open Banking, transactions from eligible connected accounts can flow into TaxTank, ready to be allocated to the relevant property and category. Bank rules help reduce repetitive allocation of recurring transactions.

You can keep receipts and documents alongside your records, making it easier to review an entry or provide supporting information to your accountant.

Recording a payment is the first step. Its tax treatment depends on the nature of the expense and your circumstances.

Depreciation Schedules and Capital Gains Tax Calculations

Depreciation and capital gains records can matter just as much for a small landlord as for someone with a large portfolio.

TaxTank includes tools for managing eligible assets, capital works and property improvements, helping you keep the relevant information organised across financial years.

For capital gains, Property Tank brings together the recorded acquisition, ownership, improvement and disposal information used in its calculations.

That helps you maintain the history as you go, rather than trying to recover years of documents when you decide to sell.

The calculations depend on the details you enter and the rules relevant to your circumstances. Where a property has a complex history, your accountant can help review the treatment using your organised records.

Connect Your Accounts Through Open Banking

Small landlords often pay property costs from more than one account.

Rent may arrive in one account, loan interest may be charged in another, and an occasional repair may be paid using a personal card.

TaxTank connects to eligible accounts through Open Banking, helping bring those transactions into one place.

You can then allocate them to the correct property, apply relevant categories and retain supporting documents.

It reduces the need to manually copy transactions into a spreadsheet and gives you a consistent place to maintain your rental records.

A Clear View of Your Small Property Portfolio

Tax records are only one part of understanding an investment.

You also want to know how your properties are performing, how much you owe and how your equity is changing.

Property Tank brings together property values, loans, cash flow, equity, yield and LVR tracking alongside your accounting and tax records.

Whether you own one property or five, you can review each property individually and see the wider portfolio picture.

Fewer disconnected files. More useful information in one place.

Already Have a Property Manager? You Still Need Your Own Records

A property manager’s statements are useful, but they may not include every cost you pay directly or every record relevant to your tax.

Loan interest, insurance, rates, separately arranged repairs and historical acquisition documents may sit elsewhere.

TaxTank helps bring your own records together with the information received from your property manager.

Your property manager handles the tenancy. You maintain a clearer view of the investment finances, supporting documents and calculated tax position.

Do Small Landlords Need Business Accounting Software?

Business accounting software can suit investors who need broader business accounts and financial reporting.

But if your main requirement is managing personally owned rental properties, consider how much configuration and additional tax work will be needed.

Can the software manage your property depreciation? Keep ownership details connected? Maintain capital gains records? Show how rental activity affects your personal tax alongside your salary?

These questions matter more than whether a platform can produce an income and expense report.

For a broader comparison of the available approaches, read our guide to the best rental property accounting software in Australia.

Share Your Records With Your Accountant

Keeping records throughout the year makes tax-time conversations more useful.

TaxTank lets you invite your accountant to access your current information and documents. You can also provide reports to support preparation of your return.

Instead of spending the conversation working out which expenses belong where, you can arrive with organised records ready for review.

Your accountant brings the expertise. TaxTank helps you bring the detail.

How Much Does TaxTank Cost for Small Landlords?

Property Tank is the equivalent of $15 per month, paid annually at $180, and includes up to five properties.

You can start with one property and manage additional properties within that allowance as your portfolio grows. Properties beyond the first five cost the equivalent of $3 per month each, paid annually at $36.

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

Why TaxTank Is the Best Rental Property Accounting Software for Small Landlords

TaxTank brings together the tools small landlords need to manage property finances and understand their tax position.

You can track rental income and expenses, organise documents, manage depreciation and capital gains information, monitor your portfolio and share records with your accountant.

Most importantly, your property accounting connects with your personal tax calculation.

For investors who want Australian property tax rules applied to their records throughout the year, that is a useful step beyond basic bookkeeping.

Frequently Asked Questions

A Small Portfolio Should Not Mean a Big Annual Scramble

You do not need a large property portfolio to want accurate records, less admin and a clear view of your tax.

TaxTank helps you keep rental income, expenses, documents and property calculations connected throughout the year.

So when tax time arrives, you have something better than a folder of things to sort out.

Start your free 14-day TaxTank trial.

TaxTank combines property portfolio tracking with Australian individual tax calculations, bringing property income, expenses, loans, depreciation, negative gearing and capital gains together with your other income and investments.

Managing a property portfolio involves much more than watching property values rise and rental income arrive.

You need to track loans, equity, income, expenses, depreciation, ownership, documents, cash flow, capital gains and the tax treatment that applies to each property.

With major changes to negative gearing and capital gains tax beginning on 1 July 2027, choosing an app that only produces an attractive portfolio dashboard may leave you managing the most complicated part somewhere else.

The best property portfolio app should not just show you what your properties are worth. It should help you understand how they are performing, what records you need and what the portfolio means for your complete financial and tax position.

TaxTank brings property tracking, finances, performance and Australian tax calculations into one platform built for individual investors.

START YOUR FREE 14-DAY TRIAL

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What is a property portfolio app?

A property portfolio app helps investors organise and monitor the properties they own.

Depending on the platform, it may track:

• Property values
• Loan balances
• Available equity
• Rental income
• Property expenses
• Cash flow
• Rental yield
• Capital growth
• Ownership information
• Documents and receipts
• Tax deductions
• Depreciation
• Capital gains

However, not every property portfolio app performs the same role.

Some are basic portfolio trackers. Some focus on forecasting or property research. Others record income and expenses so information can be exported at tax time.

These features can be useful, but recording property information is not the same as calculating how each property affects your tax.

That distinction matters because your property portfolio does not exist separately from the rest of your financial life.

Property tracking is only the beginning

A portfolio dashboard may show that:

• Your property is worth $750,000
• Your loan balance is $480,000
• You have $270,000 in equity
• Your rent increased by $40 per week
• Your annual expenses were $18,000
• Your property produced a cash flow loss

That gives you useful information about the property.

It does not necessarily tell you:

• Which expenses are deductible
• Whether an expense must be claimed over several years
• How ownership affects the result
• Whether depreciation or capital works deductions apply
• Whether a rental loss can reduce your salary income
• How much of a future capital gain will be taxable
• How the property affects your Medicare levy, HELP repayment or other individual tax obligations
• What happens when different properties in the same portfolio are subject to different tax rules

A property portfolio app should help you understand the numbers, not simply collect them.

Property portfolio apps in Australia compared

Not all property portfolio apps do the same job. Some focus on property values and equity, while others concentrate on cash flow, wealth management or tax record keeping. TaxTank takes a broader approach, connecting property portfolio management with financial-year tax calculations, multiple ownership structures, foreign properties and income, Open Banking, and an individual’s other income and investments.

Tracking property tax is not the same as calculating your tax

Many property apps can record rental income and expenses, identify potentially tax-deductible costs or calculate a property’s profit or loss. That does not necessarily mean they calculate your individual tax.

A property’s tax result needs to be considered alongside your other income, deductions and investments to understand how it affects your overall tax position for the financial year.

TaxTank does this differently. Property Tank connects your property income, expenses, loan interest, depreciation, negative gearing and capital gains with your employment income, sole trader activities, shares, cryptocurrency and other investments. These feed into one estimated individual tax position throughout the financial year.

What type of property portfolio app do you need?

The right property portfolio app depends on what you want to manage. A portfolio tracker may be enough if you primarily want to monitor property values, equity and cash flow. A wealth management tool can be useful if you want a broader view of your assets and net worth, while a property tax record tool can help organise information for tax time.

If you want to understand how your properties affect your individual tax throughout the financial year, look for software that goes beyond record keeping. This means bringing property income, deductible expenses, loan interest, depreciation, capital gains and losses together with your other taxable income and investments.

What should the best property portfolio app track?

The right app should give you an accurate view of each property while also showing how the portfolio works together.

Property values and equity

Tracking estimated property values alongside current loan balances helps you monitor equity across individual properties and the wider portfolio.

For Australian properties, TaxTank integrates with CoreLogic to help keep property information and estimated values current.

With Property Tank, you can review property values, debt and equity without maintaining a separate spreadsheet.

Rental income and expenses

A property portfolio app should allow you to record rental income and allocate expenses to the correct property.

TaxTank connects to eligible Australian and foreign bank accounts through Open Banking.

Transactions can then be allocated using property categories based on Australian tax requirements.

This helps keep income and expenses organised throughout the year instead of trying to reconstruct everything from bank statements at tax time.

Loans and borrowing costs

Your loan affects cash flow, equity and tax, but the loan repayment itself is not necessarily the deductible amount.

A useful property app should distinguish between:

• Interest
• Principal repayments
• Borrowing costs
• Bank fees
• Refinancing costs
• Loan balances
• Offset accounts

TaxTank keeps loan information connected to the relevant property and applies the supported tax treatment to the information recorded in your account.

Property performance

Rental yield alone does not provide a complete picture of an investment.

Property performance can also depend on:

• Rental income
• Vacancy
• Operating expenses
• Loan interest
• Capital growth
• Depreciation
• Tax deductions
• Ownership percentage
• Cash invested
• After-tax cash flow

TaxTank allows you to review property performance alongside the financial and tax information behind it.

Depreciation and capital works

Depreciation and capital works deductions can significantly affect the taxable result of an investment property.

However, they may also affect the property’s cost base when it is eventually sold.

Property Tank helps you manage supported depreciating assets and capital works while keeping the relevant history connected to the property.

This means a deduction claimed today does not become a missing piece of information years later when the property is sold.

Documents and records

Property investors need to retain records supporting rental income, expenses, ownership, loans, depreciation and capital gains.

A portfolio app should allow you to store relevant documents with the property or transaction they support.

TaxTank keeps receipts, statements, depreciation schedules, settlement documents and other records connected to your property information.

This helps you comply with ATO record-keeping requirements for rental properties.

The best property portfolio app should understand ownership

A property is not always owned by one person in their individual name.

Your portfolio may include properties that are:

• Individually owned
• Jointly owned
• Held in a trust
• Held in a company
• Held by an SMSF
• Managed through another supported ownership structure
• Located outside Australia

The ownership structure determines where income, expenses, deductions and capital gains belong.

TaxTank lets you organise properties across supported ownership structures without mixing every result into your personal tax calculation.

Properties that contribute to your individual tax position are included where applicable. Properties belonging to separate entities remain organised separately because those entities have their own tax and reporting obligations.

This allows you to see the complete property portfolio while maintaining the correct separation between owners and entities.

You can manage everything through one account without paying for a separate platform subscription for every ownership structure.

Australian and foreign properties in one portfolio

Australian investors may also own property overseas.

Foreign properties can create additional work because rental income, expenses and transactions may need to be converted into Australian dollars before they can be included in the owner’s Australian tax position.

Property Tank allows you to manage supported Australian and foreign investment properties in the same portfolio.

You can record foreign property income, expenses, ownership information and supporting documents while keeping the relevant Australian tax treatment connected to your account.

You can add foreign bank accounts in their original currency using live bank feeds where available, or enter transactions manually when a live connection is not supported. TaxTank automatically converts the relevant foreign income and expenses into Australian dollars for your property records and tax calculations.

Your property portfolio is not your complete financial position

A property app might calculate that one rental made a $12,000 loss during the financial year.

But the effect of that loss can depend on:

• Your salary
• PAYG tax already withheld
• Income from other properties
• Sole trader income
• Dividends and investment income
• Capital gains
• Carried-forward losses
• Ownership percentage
• The tax rules that apply to the property
• Other individual tax obligations

This is why showing a property loss is not the same as calculating the tax result.

TaxTank connects supported property information with the other areas of your financial life.

Depending on the Tanks you use, your estimated individual tax position can include:

• Employment income and PAYG withholding
• Work-related deductions
• Sole trader activities
• Australian and foreign properties
• Shares and cryptocurrency
• Capital gains and losses
• Investment income
• Other supported individual tax information

Each area remains organised separately while contributing to the same estimated individual tax position where applicable.

Instead of asking your property app what happened and then using another calculator to estimate the tax, TaxTank calculates the supported result as your information changes.

Property tax is changing from 1 July 2027

The tax rules applying to Australian property investors are becoming more complicated.

From 1 July 2027, negative gearing for residential property will generally be limited to new builds, with grandfathering provisions for properties held before 7:30 pm AEST on 12 May 2026.

Investors who acquire established residential property after that time may still apply eligible losses against other residential property income, including relevant capital gains, and carry unused losses forward.

However, those losses will not generally be available to reduce non-residential income such as salary.

Capital gains tax is also changing from 1 July 2027.

The existing 50% CGT discount will be replaced for gains accruing from that date with indexation for inflation and a minimum 30% tax rate on real capital gains. Gains that accrued before 1 July 2027 retain their existing treatment.

These reforms mean one property portfolio may eventually contain:

• Grandfathered properties
• New builds eligible for negative gearing
• Established properties with quarantined losses
• Losses available against residential property income
• Losses carried forward from previous years
• Capital gains accrued before 1 July 2027
• Capital gains accrued after 1 July 2027
• Properties sold under calculations spanning both CGT systems

The relevant treatment will depend on acquisition dates, property history, available losses and the investor’s broader tax position.

TaxTank will automatically incorporate the new negative gearing and CGT rules into its calculations when they take effect.

The acquisition date, ownership, property type, income, expenses, carried-forward losses, depreciation and cost-base history recorded in TaxTank will allow the applicable treatment to be applied to each property.

That includes maintaining the existing treatment for eligible grandfathered properties, quarantining losses where required and applying the relevant CGT calculation to gains accruing before and after 1 July 2027.

You will not need to maintain separate spreadsheets, manually identify which rules apply to each property or rebuild your calculations when a property is eventually sold.

TaxTank will maintain the different layers of property tax rules in the software and automatically include the applicable results in your estimated individual tax position.

The Australian Treasury’s property tax reforms make connected, year-round property records more important than ever.

Why spreadsheets and simple trackers will struggle with the new rules

A spreadsheet can record when you bought a property.

It can also record income, expenses and a running profit or loss.

The difficulty begins when different properties need to follow different tax treatments over multiple financial years.

You may need to know:

• Whether the property is grandfathered
• Whether it qualifies as a new build
• Whether a rental loss can reduce salary income
• Whether a loss must remain within the residential property system
• Which carried-forward losses are still available
• How those losses interact with later rental profits or capital gains
• How much of a capital gain accrued before and after 1 July 2027
• Whether depreciation and capital works have affected the cost base
• How the final property result interacts with the rest of your income

A spreadsheet does not maintain tax legislation.

It only contains the formulas someone has entered. When the rules change, the spreadsheet must be rebuilt, tested and applied correctly to every affected property.

A basic portfolio app or tracker may avoid the spreadsheet formulas, but it can still leave the actual tax calculation to you or your accountant.

Why financial year tracking matters for property investors

Property investing is long term, but Australian tax is calculated by financial year. That makes the ability to separate and maintain property records across financial years particularly important.

TaxTank is built around Australian financial years rather than simply providing a continuous record of property transactions. Property Tank supports records from the 2020/21 financial year onwards, allowing investors to maintain the history of their property income, expenses and tax-related information across multiple financial years.

This becomes particularly important when a property is held for many years. Depreciation, capital works, borrowing costs, carried-forward information and the eventual capital gain or loss can depend on records accumulated across different financial years.

It also means investors can move between financial years without losing sight of how their property portfolio has contributed to their broader tax position over time.

TaxTank maintains the property history and applies the supported Australian tax treatment as the relevant rules take effect.

Tracking tax categories is not the same as calculating tax

More property portfolio apps are beginning to allocate expenses into categories that resemble the ATO rental property schedule.

That can make accountant handover easier.

It does not mean the app calculates your individual tax.

There is an important difference between:

1. Categorising a transaction as property repairs
2. Determining whether the amount is immediately deductible
3. Working out each owner’s share
4. Calculating the property’s taxable result
5. Applying the correct negative gearing treatment
6. Including the result in the owner’s taxable income
7. Calculating the resulting individual tax position

TaxTank does not stop at categorising the transaction.

It connects the information to an Australian individual tax engine so you can understand what it means for your tax throughout the financial year.

Most property portfolio apps record what happened. TaxTank tells you what it means for tax.

A property dashboard versus a complete property and tax platform

A property dashboard can be useful.

A property dashboard connected to a maintained Australian tax engine is more useful.

Learn more about how property portfolio software can bring property management, performance and tax information together.

Manage the complete property lifecycle

TaxTank can help organise supported information from the time you begin considering a property until it is eventually sold.

Before purchasing

Add a potential property and review supported CoreLogic information before deciding whether to proceed.

If you do not purchase it, you can remove it without adding it to your active portfolio.

When you purchase

Record:

• Acquisition date
• Purchase price
• Ownership
• Loan information
• Settlement costs
• Initial repairs and improvements
• Supporting documents

This establishes the history that may later be required for depreciation, deductions and CGT.

While you own it

Track:

• Rental income
• Property expenses
• Loans and interest
• Depreciation
• Capital works
• Property values
• Equity
• Cash flow
• Performance
• Tax outcomes
• Supporting records

When you renovate or refinance

Keep improvement costs, borrowing information and supporting documents connected to the correct property.

This helps distinguish regular operating expenses from amounts that may affect depreciation, capital works or the cost base.

When you sell

Use the acquisition, ownership, improvement, depreciation and disposal information already maintained in your account to calculate the supported capital gain or loss.

You do not need to rebuild years of property records after the sale has occurred.

Do you still need a portfolio app if you have a property manager?

Yes.

A property manager and a property portfolio app perform different roles.

Your property manager may handle:

• Tenants
• Leases
• Rent collection
• Inspections
• Maintenance requests
• Property communications
• Monthly statements

A property portfolio app helps you manage the financial position of the owner.

This may include:

• Loans
• Equity
• Property values
• Ownership
• Tax deductions
• Depreciation
• Capital works
• Cost-base information
• Portfolio performance
• Your live tax position

Your property manager manages the tenancy.

TaxTank helps you manage what the property means for you.

Property Tank pricing

$15 per month, paid annually.

Property Tank includes up to five properties.

Additional properties can be added for $36 each per year.

Property Tank includes:

• Australian and foreign investment properties
• Supported ownership structures
• Eligible Australian and foreign bank accounts
• Secure Open Banking feeds
• CoreLogic integration for supported Australian properties
• Rental income and expense tracking
• Australian property tax categories
• Loans and borrowing costs
• Property values and equity
• Property performance
• Depreciating assets
• Capital works
• Negative gearing calculations
• Capital gains tax calculations
• Document and receipt storage
• Property and tax reports
• Live individual tax calculations for applicable properties

You can add Work Tank, Sole Tank, Holdings Tank or Money Tank when you want to connect other parts of your financial life.

Bundle discounts apply when you subscribe to more than one Tank.

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Frequently asked questions

Choose a property portfolio app that can keep up with the changing landscape

Property investing is becoming more complicated.

It is no longer enough to know what your properties are worth or whether the rent covers the mortgage.

You also need to understand which expenses are deductible, where losses can be used, how ownership affects the result, which tax treatment applies to each property and how the portfolio contributes to your complete individual tax position.

TaxTank brings property values, loans, equity, income, expenses, performance, records and Australian tax calculations into one platform.

No separate portfolio tracker. No disconnected tax spreadsheet. No rebuilding the property history at tax time.

You don’t need to know property tax. You just need TaxTank. It knows the rules, so you don’t have to.

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Made in Australia using Australian tax rules.