There’s the personal you.
There’s you as a sole trader.
There’s you with properties, but in a trust, SMSF or company.
And sometimes there’s you, jointly, with someone else entirely.

Everyone understands this in theory. Banks do. Tax law definitely does. Open banking, however, has historically been far more limited, typically working off a single profile at a time.

Which usually leaves users doing small but annoying things to make it all work reconnecting bank feeds, keeping mental notes about which login is which, or explaining (again) why the same person has multiple accounts.

It works. Mostly. But it’s not exactly elegant.

Where things got messy

Open banking doesn’t see “one person”. It sees profiles.

A personal login here.
A business login there.
A separate one again for trusts or companies.

Until now, that meant those profiles had to be managed separately, even though, in real life, it’s all one financial picture.

That disconnect was never ideal, and it didn’t reflect how people actually operate.

The fix: Multiple IDs

We’ve released Multiple IDs to solve exactly that problem.

You can now connect more than one bank profile to a single TaxTank account, cleanly and intentionally, without breaking existing feeds or starting again.

From the dashboard, just select the three dots on a bank tile and choose “Connect another profile”, then follow the prompts as usual.

Each profile:

• connects independently
• has its own open banking consent
• can be managed without affecting the others

Which means fewer workarounds, and far less mental bookkeeping.

Why this matters

This isn’t just about convenience (although it definitely helps).

It means your TaxTank account can finally reflect how your financial life actually works. Personal, business and entity accounts can sit side by side, with clean allocations, clearer reporting, and far fewer “why is this here?” moments.

Budgeting becomes easier. Tax reporting makes more sense. And everything stays connected without being tangled.

Built for real people, not perfect examples

Most people don’t fit neatly into one box, and neither should their software.

Multiple IDs lets your TaxTank account adapt as your situation changes, without extra admin or duplicated setups. It’s a small change that removes a lot of friction.

Which is exactly how good features should work.

If your finances don’t fit neatly into one box, your software shouldn’t either. Get started with to TaxTank and connect another profile today.

Why personal tax needed a platform built for individuals

Tax software has long been built for accountants and businesses, while individuals were left with few tools beyond spreadsheets, manual record-keeping, once-a-year lodgement or trying to make it fit with business tax tools. Personal tax was treated as an afterthought.

TaxTank flipped that model on its head. We created Australia’s first personal tax platform built purely for individuals. Our mission is to make tax transparent, accurate, and stress-free all year round, not just at tax time.

What makes TaxTank the most innovative personal tax platform

TaxTank combines smart automation with real-time visibility, helping Australians take control of their finances in ways no other software does.

General Tax Tools in our Personal Tax Platform

• Know exactly how much tax you owe, live all year round
• Track your net worth with live tax and equity forecasts
• Connect bank accounts with live feeds for real-time visibility
• Track your HECS/HELP balance and repayments as part of your live tax position
• Plan smarter with a simple monthly budget tool
• Automate recurring transactions with custom rules
• Access a full suite of live tax reports anytime
• Store receipts and documents securely in the Spare Tank

Personal Tax Platform Features for Property Investors

• Manage all properties in one place, regardless of ownership structure
• Track rental income, expenses, tax, and cash flow in real time
• Monitor performance, including capital growth, yields, and LVR
• Maximise claims with automated depreciation
• Create DIY projects for improvements and renovations
• Automate borrowing expenses for loans and refinancing
• Handle shared ownership claims, including Airbnb and room rentals
• Use a real-time CGT calculator to see the impact of selling
• Get live property values powered by CoreLogic
• Calculate borrowing power with the interactive Net Surplus Ratio report
• Instantly generate property tax reports for your accountant
• Store all property records in a dedicated Spare Tank folder

Personal Tax Platform Tools for Shares & Crypto

• Track shares, crypto, and unlisted assets in one place
• Automatically calculate CGT and carry forward capital losses
• Manage dividends, staking, and interest income
• Create custom tickers for unlisted investments
• Access live CGT reports anytime
• Connect with Sharesight to sync trade history seamlessly

Work Tank: Managing Income & Expenses in One Personal Tax Platform

• See live tax calculations for wages, allowances, and adjustments
• Track trust distributions, partnership income, government payments, and more
• Allocate work-related expenses from live bank feeds
• Keep a compliant home office diary and vehicle logbook
• Manage work-related assets with automated depreciation
• Track vehicle loans and amortisation schedules
• Store all work-related receipts securely in the Spare Tank

Sole Tank: The Personal Tax Platform for Sole Traders

• Manage multiple sole trader businesses under one subscription
• Create and send professional invoices instantly
• Track PSI income, labour hire, and business expenses
• Use automated depreciation and instant asset write-offs
• Manage home office and vehicle expenses with compliant diaries
• Track vehicle loans with amortisation schedules
• Use the non-commercial loss calculator to see if losses offset income
• Access live BAS reporting to handle GST and ATO lodgements
• View real-time business schedules and reports for easy tax prep
• Store all sole trader documents securely in the Spare Tank

Tax Preparation & Support with the Personal Tax Platform

• Access interactive tax reports all year round
• Invite your accountant or advisor anytime for collaboration
• Lodge faster with clean, complete records
• Use the myTax report to self-lodge with confidence

Why TaxTank Won Most Innovative Tax Platform 2025

TaxTank is the only personal tax platform in Australia. While others focus on accountants or businesses, we have built a platform dedicated to individuals, giving everyday Australians the tools, insights, and confidence to manage their tax all year round.

Innovation is about more than features. It is about solving problems others have ignored and making complex systems accessible to everyone. That is exactly what TaxTank does for personal tax.

Looking ahead

Winning this award is a milestone, but it is also just the beginning. We will continue building on our innovation with new integrations, smarter automation, and even more ways to simplify tax for Australians.

Most importantly, we will keep putting control back in your hands, because tax should work for people, not the other way around.

Ready to experience award-winning innovation?

Being named The Most Innovative Tax Platform 2025 is just the beginning. TaxTank is built to make managing personal tax easier, smarter, and more transparent for every Australian.

Start your free trial today and see why TaxTank is the personal tax platform that changes the way you do tax for good.

The smartest investors know the key to maximising returns and avoiding ATO stress is using specialist rental property accounting software that works for the Australian market. For those who want the most accurate, time-saving and complete solution, TaxTank is the clear No. 1 choice.

Unlike other platforms that only track rental income and expenses, TaxTank is the only rental property accounting software that manages all your income types – property, employment, sole trader, shares, crypto, and more – so you can understand your true tax position year-round.

Why You Need Specialist Rental Property Accounting Software

Owning an investment property is not like running a standard business. It involves capital gains tax (CGT), depreciation schedules, and property-specific deductions such as loan interest, repairs, insurance, and management fees.

General accounting tools like Xero and MYOB can record transactions, but they don’t:

• Track all your income sources alongside property income
• Show your true tax position in real time
• Manage CGT calculations for property sales
• Handle ATO-compliant depreciation without manual spreadsheets
• Provide property value forecasts and ownership apportionment tools

Without a rental proeprty accounting software like TaxTank, investors often:

• Miss deductions and overpay tax
• Spend hours reconciling bank statements
• Struggle to keep documents organised for the ATO
• Fail to forecast the after-tax return of their properties
• Rely on accountants to fix avoidable record-keeping mistakes

TaxTank – The Complete Rental Property Accounting Software for Australian Property Investors and Landlords

TaxTank was built by Australians for Australians. Every feature is designed to fit seamlessly within ATO rules and the realities of the Australian property market. It’s not just a ledger or a spreadsheet – it’s a complete tax management system for your entire financial life.

1. Live Bank Feeds and Automated Transactions

Secure Open Banking connections link directly to your bank accounts. Rent payments and expenses flow in automatically. Automation rules instantly categorise recurring items like loan interest or strata fees, cutting hours of manual work.

2. Real-Time True Tax Position

Because TaxTank tracks all your income sources – including wages, sole trader earnings, investments, and property – it shows your true after-tax position at any point in the year. You’ll see instantly if your rental properties are creating a refund or pushing you into a higher tax bracket.

3. Depreciation and Capital Works Tracking

TaxTank calculates Division 40 (plant and equipment) and Division 43 (capital works) depreciation, integrating with CoreLogic for property valuations. Every asset is tracked for its full life so you never lose legitimate deductions.

4. CGT Calculator for Property and Other Assets

Selling property, shares, or crypto? TaxTank’s CGT calculator handles cost base adjustments, ownership periods, and discounts automatically. You’ll know the after-tax result before you sell.

5. ATO-Compliant Record Keeping

Receipts, invoices, and supporting documents are stored securely online with a full audit trail that meets ATO substantiation rules. Accountants can access everything instantly, reducing billable hours and stress.

Key Rental Property Accounting Software Features That Put TaxTank Ahead

Feature	TaxTank	Xero/MYOB	Excel
Live Bank Feeds
Tracks All Income Types
Automated True Tax Position
CGT Calculator
Depreciation Tracking
ATO-Compliant Storage
Property Value Forecasting

Designed for Every Australian Investor

TaxTank works whether you:

• Own a single rental property
• Manage a multi-property portfolio
• Run short-term rentals like Airbnb or Stayz
• Share ownership in a joint investment
• Combine property investing with a job, side hustle, or other investments

Because it manages all your income types, you can finally see the full picture — how every dollar you earn affects your overall tax position.

How TaxTank Helps You Save Money

TaxTank doesn’t just store numbers – it actively helps you plan and save:

• Interest deductions are pulled straight from bank feeds
• Expense apportionment tools split costs for shared or mixed-use properties
• Negative gearing insights show how your property impacts your personal tax
• Scenario modelling helps you decide whether to sell or hold

This proactive approach means you’re not scrambling at tax time – you’re planning all year for the best outcome.

Seamless Accountant Collaboration

Your accountant gets clean, organised, ATO-ready data directly from TaxTank. No messy spreadsheets, no missing receipts, no guesswork. This reduces both your workload and your accountant’s bill.

Built for Security and Privacy

TaxTank complies with Australian privacy laws and stores all data on secure Australian servers with bank-grade encryption. Your data is never sold to third parties.  You can also add MFA for an additional layer of security.

Pricing That Delivers Value

TaxTank offers affordable subscription plans that scale with your needs. Considering the tax savings, reduced accountant fees, and time saved, most investors find the platform pays for itself several times over.

FAQs About TaxTank – Australia’s No. 1 Rental Property Accounting Software

The Bottom Line – The Only Property Accounting Software That Truly Manages Everything

For Australian landlords who want more than basic record-keeping, TaxTank is the only choice. By tracking all income types alongside your rental properties, it gives you the full tax picture you need to make smarter financial decisions.

With real-time true tax position tracking, automated bank feeds, depreciation and CGT tools, and ATO-compliant storage, TaxTank is the No. 1 rental property accounting software in Australia – and the only one that truly manages everything.

Start today with TaxTank and see exactly where you stand – across property, work, business, and investments – every single day of the year.

In 2025, TaxTank proudly takes the crown as WeMoney’s Most Innovative Tax Platform, solidifying its position as the leading tax software in Australia for individuals. This prestigious award recognises TaxTank’s cutting-edge features, intuitive design, and unwavering focus on simplifying tax for everyday Australians.

And unlike generic business accounting software, TaxTank is tailored for the complexities of individual tax returns. It integrates live bank feeds, real-time tax tracking, and specialised tools for property portfolios, shares, crypto assets, and sole trader businesses – all in one seamless platform.

TaxTank is built specifically for Australians, not repurposed from overseas systems, and it delivers the automation, accuracy, and ATO compliance you need to stay on top of your finances all year round.

Whether you’re lodging as an employee, sole trader, property investor, share or crypto trader, TaxTank makes tax time simple while helping you maximise your deductions.

Why TaxTank is the Best Tax Software in Australia for Individuals

Most tax software in Australia focuses on end-of-year lodgement or is designed for accountants. TaxTank is different. It’s built for everyday Australians who want to manage and optimise their tax position year-round.

Comprehensive Tax Return Management

TaxTank supports all the major income types for Australian taxpayers:

• Salary and wages
• Other incomes like Directors Fees or Tips
• Rental property income
• Dividends and interest
• Capital gains from shares and crypto
• Sole trader and side hustle income

It takes care of deductions, offsets, and has comprehensive reporting so you can self-lodge or invite your accountant or advisor — everything you’d expect from the best tax software in Australia.

Automated Bank Feeds for Effortless Accuracy

One of the standout features that makes TaxTank the best tax software in Australia is its automated bank feed integration.

• Transactions are imported automatically
• Expenses are categorised using rules you set
• All categories align directly with the ATO so it’s less error prone

With unlimited bank feeds, you can connect multiple accounts and cards without extra cost.

Real-Time Tax Estimates and Insights

Unlike most business tax software in Australia, TaxTank shows your live tax position at any time during the year.

• See your projected refund or bill instantly
• Plan for big expenses or investment sales with no surprises
• Adjust your finances ahead of time to optimise your outcome

Australian-First Design and Support

Some software companies adapt foreign systems for Australia, but TaxTank was built in Australia for Australians.

• Every category and form matches ATO requirements
• Guidance is written in plain English
• Support is local and understands your exact tax situation

Why TaxTank Outperforms Other Tax Software in Australia

Feature	TaxTank	Typical Alternatives
Designed for individuals only		Often business-focused
Automated bank feeds		Manual entry or paid add-on
Real-time tax position		End-of-year only
Built for side hustlers		Cannot manage different income types together
CGT tracking (property, shares, crypto, and other assets)		Limited or separate product
Property investment tools		Rarely included
Depreciation calculator		Rarely included
Home Office Diary		Limited or separate product
Vehicle Logbook		Limited or separate product
Transparent, flat pricing		Tiered or hidden fees

Tailored for Every Type of Taxpayer in Australia

Whether you’re an employee, a property investor, a sole trader, or someone juggling shares and crypto, TaxTank has you covered with smart tools designed around your needs.

General Tax and Financial Tools

TaxTank gives you the tools to manage your everyday tax and finances with confidence, all year round:

• Know exactly how much tax you owe with live calculations
• Connect bank accounts via live feeds for real-time tracking of income and expenses
• Monitor your HECS/HELP balance and repayments effortlessly
• Plan smarter using a simple monthly budgeting tool
• Automate transaction categorisation with custom rules
• Access live tax reports whenever you need them
• Store all your documents and receipts securely in the Spare Tank

Property Investors

Keep all your property investments organised and maximise your claims with powerful automation:

• Manage all properties across different ownership structures in one place
• Track rental income, expenses, cash flow, and tax in real time
• Monitor performance indicators like capital growth, LVR, and yields
• Automate depreciation and manage DIY renovation projects
• Automate borrowing expenses for loans and refinancing
• Calculate claim percentages for shared properties, including Airbnb and room rentals
• Track expenses for properties not yet rented in a dedicated land portfolio
• Use a real-time CGT calculator to see the tax impact of sales
• Update property values and growth percentages live with CoreLogic integration
• Access instant property tax reports for accountants
• Sync live data with Sharesight
• Securely store all property documents in the Spare Tank

Shares and Crypto Investors

Manage all your shares, crypto, and other assets easily with comprehensive tracking and tax tools:

• Track performance of shares, crypto, and unlisted assets in one place
• Automatically calculate CGT for all asset types
• Manage income from dividends, interest, and staking rewards
• Create custom tickers for unlisted or unique investments
• Access live CGT reports year-round
• Automatically track and carry forward capital losses
• Connect with Sharesight for seamless trade history syncing

Employees and Contractors

Stay on top of your employment income and expenses with automated tracking and compliance tools:

• Monitor your live tax position throughout the year
• Track income from trusts, partnerships, directors’ fees, and government payments
• Manage wage adjustments, allowances, and pre-tax deductions
• Automatically allocate work-related expenses from bank feeds
• Use a compliant home office diary to log hours and expenses
• Track kilometres and expenses with a compliant vehicle logbook
• Manage work assets with automated depreciation
• Use amortisation schedules for vehicle loans and interest
• Store all work-related documents securely in the Spare Tank

Sole Traders and Side Hustlers

Run your business or side hustle efficiently with features built to simplify tax and bookkeeping:

• Track your live tax position year-round and manage multiple businesses
• Create and send professional invoices quickly
• Automatically allocate business expenses from bank feeds
• Track PSI income, labour hire, and other assessable income
• Manage business assets with depreciation and instant asset write-offs
• Use a compliant home office diary and vehicle logbook for apportioning costs
• Automate vehicle loan tracking with amortisation schedules
• Calculate non-commercial losses and carry forward losses automatically
• Access live BAS reporting and manage GST lodgements
• Separate primary production and other businesses for accurate tax reporting
• View real-time business schedules and transaction reports
• Store all business documents and receipts securely in the Spare Tank

Tax Preparation and Support

Make tax time easier and faster with collaborative tools and clear reporting:

• Use the myTax report for confident self-lodgement
• Access interactive tax reports all year round
• Invite your accountant or advisor anytime for easy collaboration
• Lodge faster with clean, complete records

Pricing: Transparent and Great Value

TaxTank is a modular pricing so you only pay for the parts you need.

There are no hidden costs and no need to buy separate add-ons — a major advantage over other tax software in Australia.

How TaxTank Makes Tax Time Easy

TaxTank turns tax time from a headache into a quick review process:

• Step-by-step, ATO-compliant guidance
• Allocate all bank transactions so no deduction is missed
• Accountant access if you want professional help
• Full tax reports so you can self-lodge through myTax

The Bottom Line on Tax Software in Australia

If you’re looking for the best tax software in Australia for 2025, the choice is simple: TaxTank. It’s secure, easy to use, and covers everything from everyday deductions to complex investments.

TaxTank isn’t just for July. It’s your year-round partner for staying organised, compliant, and in control of your tax position.

Ready to take control of your tax? Visit TaxTank today and see why more Australians are making the switch.

Frequently Asked Questions

Many Aussies ask, “Is there a Turbotax equivalent in Australia?” The short answer is yes – but it’s not Turbotax. Instead, the best Turbotax alternative in Australia is TaxTank, a locally built tax platform designed specifically for Australian tax rules.

TaxTank gives you real-time visibility of your tax position throughout the year and handles everything from PAYG income and sole trader finances to property investment and capital gains on shares and crypto.

Stop wasting time looking for Turbotax Australia — choose a tool made for your tax system and get your tax done smarter and simpler with TaxTank.

Why Turbotax Isn’t Available in Australia

Turbotax was built for the United States tax system, which is completely different from the Australian Taxation Office (ATO) processes. The US relies heavily on self-preparation, federal and state filing, and itemised deductions. In Australia, we deal with:

• PAYG 
• TFNs and ABNs
• Medicare levies
• Fringe benefits
• Rental property depreciation
• Capital gains tax (CGT) on shares, crypto and property
• Work-related deductions
• And much, much more

Turbotax simply isn’t programmed to understand any of this. You can’t connect it to your myGov account, it won’t calculate Medicare levies, and it definitely won’t handle things like negative gearing or franking credits. Even if you tried to force it, the software would be useless here and possibly lead to incorrect lodgements.

Stop Searching for Turbotax in Australia: Here’s What to Use Instead

If you’re looking for user-friendly, smart tax software that’s 100% designed for the Australian tax system, the solution is TaxTank.

What Is TaxTank?

TaxTank is an Australian-built, cloud-based tax platform made for individuals, sole traders, investors and everyday taxpayers who want to take control of their tax position. It links directly to bank feeds, tracks deductions, logs real-time tax estimates, and even handles capital gains on property, shares and crypto.

TaxTank doesn’t just help with your tax return – it helps you manage your tax position all year round, so there are no nasty surprises at EOFY. No more trying to pull together receipts at the last minute. No more guessing what you’ll owe.

How TaxTank Compares to Turbotax (If Turbotax Actually Worked Here)

Feature	Turbotax (USA)	TaxTank (Australia)
Local tax system support	US only	100% Aussie
Open banking with live bank feeds	No	Yes
Tracks tax in real-time	No	Yes
Handles PAYG	No	Yes
Capital gains for property, shares & crypto	US stocks only	Yes
Property investor tools, including deprecation	Limited	Full property tools
Built in vehicle logbook	No	Yes
Built-in home office diary	No	Yes
Suits Aussie sole traders	No	Yes
Affordable pricing	N/A	From $6/month

Why TaxTank Is the Best Tax Software for Australians

1. Built for Australian Tax Rules

TaxTank doesn’t just bolt on some Aussie features — it was built from the ground up to handle the unique complexity of the Australian tax system. Whether you’re a PAYG employee, property investor, side hustler or sole trader, the software automatically calculates your tax position and deductions based on ATO rules and real-time data.

2. Real-Time Tax Position Tracking

Unlike other platforms that show your tax outcome at the end of the year, TaxTank gives you a live view of what you’ll owe (or get back) at any point in time. As transactions flow through your bank feed and deductions are added, your estimate updates automatically. No more nasty surprises in July.

3. Full Capital Gains Tracking for Property, Crypto and Shares

Whether you’re a casual investor or a serious trader, TaxTank takes the stress out of capital gains tax (CGT). It calculates CGT across all asset classes live so you can see exactly how it impacts your tax throughout the year.

4. Property Investors Rejoice

TaxTank’s Property Tank is a game-changer for investors. It:

• Manages all properties across different ownership structures in one place
• Tracks rental income, expenses, cash flow, and tax in real time
• Monitors performance indicators like capital growth, LVR, and yields
• Automates depreciation and manage DIY renovation projects
• Automates borrowing expenses for loans and refinancing
• Calculates claim percentages for shared properties, including Airbnb and room rentals
• Tracks expenses for properties not yet rented in a dedicated land portfolio
• Uses a real-time CGT calculator to see the tax impact of sales
• Updates property values and growth percentages live with CoreLogic integration
• Creates instant property tax reports for accountants
• Syncs live data with Sharesight
• Securely stores all property documents in the Spare Tank

5. Integrated Bank Feeds with Open Banking

No more manual entry. With live bank feeds powered by Basiq, TaxTank syncs your income and expenses daily, and then auto-categorises them using smart rules. You can review, reclassify, and match transactions in just a few clicks. It’s simple, accurate and fast.

6. Smart Tools for Sole Traders and Side Hustlers

Sole traders love the Sole Tank, which acts like a digital business tool for tracking income, expenses, car logbooks, and work-from-home diaries. It keeps business and personal separate, so your tax is spot on, every time.

Plus, TaxTank autocalculates your tax position live so you always know how much tax to pay. It’s everything you need to ditch the spreadsheet and stay on top of your business finances year-round.

Simple, Affordable Pricing That Suits Every Taxpayer

TaxTank offers flexible pricing based on the tools you need. Whether you’re managing one rental property, running a freelance gig, or investing in crypto and shares, you only pay for what you use. Plans start from just $6/month, giving you full access to advanced tools, tax estimates, and real-time tracking.

There are no lock-in contracts, no hidden fees, and no paying for features you don’t need. Just smart tax software that makes sense. and pays for itself come tax time.

What About Lodgement?

When you’re ready to lodge your return, TaxTank provides you with a fully prepared interactive Tax Reports including the myTax Report. You can:

• Give it to your accountant, or better yet, invite them share in TaxTank for free
• Use it to lodge through myTax yourself
• Or hand it off to a registered tax agent
  

It’s flexible, accurate and lets you stay in control. You’re not locked into a specific workflow, and you’re not paying extra just to submit a form. You choose what works best for you.

Conclusion: Turbotax isn’t available in Australia, But TaxTank is, and it’s Australian owned

There’s no point wasting time looking for Turbotax in Australia as it simply doesn’t exist here. What does exist is something better: TaxTank, a locally developed platform that actually understands our tax system and makes managing it a breeze.

Whether you’re chasing deductions, calculating CGT, tracking rental income, or running a side hustle, TaxTank puts you in control. With affordable pricing, smart tools, and real-time insights, you’ll know exactly where you stand with the ATO – not just at tax time, but every day of the year.Get started with TaxTank today from just $6/month.

Because tax in Australia doesn’t need to be complicated – it just needs the right tools. Ready to take control of your tax? Visit TaxTank today and see why more Australians use this alternative to Turbotax.

FAQs: Turbotax in Australia

Whether you’re a sole trader, employee, investor or just trying to get your tax return sorted without losing your mind, this guide will help you choose the right tax app for your needs.

Let’s break it down.

1. Business Accounting Software

If you’ve been Googling “best tax app Australia,” chances are you’ve come across Xero, QuickBooks, and MYOB.

These are powerful tools, but they’re built for businesses, not individuals. They’re designed to meet the needs of companies with employees, payroll, and complex reporting requirements.

If you’re a sole trader managing one or multiple hustles, or a property investor wanting more control and real-time insights, these platforms might be overkill. Many of the features are adapted for individual use rather than built for it, which means you’ll be paying for tools that don’t quite work for your needs. And once the introductory pricing ends, the costs can escalate quickly.

Pricing:

• Xero: From $35/month
  
• QuickBooks: From $29/month
  
• MYOB: From $34/month
  

Best for: Businesses with payroll, employees, and complex financial reporting.

May not suit: Sole traders / side hustlers, property investors, or individuals looking for a simpler, more cost effective and tailored solution.

2. Tax Apps for Sole Traders

Tax apps like Hnry and Thriday were created to make tax easier for sole traders. You open one of their bank accounts, have your income paid in, and they automatically set aside money for tax and super. Some even lodge your BAS on your behalf.

It’s simple and relatively hands-off, but it also comes with limitations.

These tax apps work best when all your income and expenses are managed within their system. If you have other sources like property, investments, or side gigs, you’ll often need to manually add entries, and they might not integrate fully.

Plus, features like vehicle logs, home office tracking, and depreciation tools are typically absent or require extra apps. So if your setup is even a little more complex, you could quickly outgrow them.

Additionally, many services like Hnry assign you a specific in-house accountant rather than letting you choose your own, which limits your flexibility if you’d prefer to work with someone you already trust.

Pricing:

• Hnry: 1% of income (capped at $1,500/year)
  
• Thriday: From $29.95/month + lodgement fees
  

Best for: New sole traders with simple income and no need for tracking vehicle, home office or depreciation.

May not suit: Multi-income individuals, property investors, or anyone needing custom tracking.

3. Online Lodgement Platforms

If you just want to get your tax return lodged with a bit of help, Etax and H&R Block Online are worth a look.

These online tax agents let you enter your income and expenses, answer a few questions, and then a real person checks it before submitting to the ATO. It feels like doing your taxes online, but behind the scenes, it’s still the same old-fashioned manual process.

It’s great if you’re chasing a refund and want some peace of mind. But there’s no year-round visibility or tracking.  It’s a tax app built for lodgement, not for long-term tax management. It won’t help you keep up with growing ATO compliance requirements or plan ahead for future expenses.

Pricing:

• Etax: From $82.49 for a basic return
  
• H&R Block Online: From $109 for a basic return

Best for: Simple tax returns, one-time lodgement help.

May not suit: Those with investments, complex tax needs or anyone wanting to track deductions and tax positions year-round.

4. The ATO’s myDeductions App

The ATO’s myDeductions tax app lets you capture receipts, log work trips, and back up your records, but it’s still very hands-on. You need to remember to manually back everything up. If your phone crashes, is lost, or gets replaced, your data could vanish.

At tax time, you can upload your records directly to the ATO, but the catch is that everything is uploaded, even if you don’t intend to claim it. Once submitted, that information becomes part of the ATO’s data model, not just your tax return.

And unlike purpose-built tax apps, myDeductions doesn’t help you identify or maximise deductions. It’s purely a compliance tool, not a tax planning solution.

Pricing:

• Free

Best for: Basic record keeping.

May not suit: People who want automation, reporting, or multi-income support.

5. TaxTank: The All-in-One Tax App for Australians

If you want a tax app that works for your whole financial life, not just one part of it , then TaxTank is worth a look.

TaxTank is built specifically for Australians. It’s designed to help individuals, sole traders, property investors and share/crypto traders to manage their tax in real time 365 days a year, not just at tax time. TaxTank features smart tax tools and live bank feeds to eliminate guesswork, ensuring no deduction goes unnoticed with real-time accuracy. It stands out as a user-friendly, cloud-based tax app suitable for any tax situation.

Here’s what makes TaxTank stand out:

For Everyone

• Know exactly how much tax you owe, live all year round
• Track your net worth with live tax and equity forecasts
• Connect bank accounts with live feeds for real-time visibility
• Track your HECS/HELP balance and repayments as part of your live tax position
• Plan smarter with a simple monthly budget tool
• Create rules to automate the allocation of recurring transactions
• Access a full range of live tax reports all year round
• Store and manage all your documents and receipts securely in the Spare Tank
• Invite your accountant or advisor anytime for easy collaboration
• Get your return done faster with clean, complete records
• Use the myTax report to self-lodge with confidence

Employees

• See live tax calculations to track your estimated tax position year round
• Compare forecasted tax positions against actuals to help with planning
• Track income from trusts, partnerships, directors’ fees, government payments, and more
• Easily manage wage adjustments, like allowances and pre-tax deduction, for accurate reporting
• Allocate work-related expenses from live bank feeds so nothing gets missed
• Log hours and track apportioned expenses with a compliant home office diary
• Track kilometres and expenses with a compliant vehicle logbook
• Manage work-related assets over $300 with automated depreciation
• Use amortisation schedules to manage vehicle loans and interest expenses
• Store all work-related documents and receipts securely in the Spare Tank

Sole Traders

• Track your live tax position year round to avoid end-of-year surprises
• Manage multiple sole trader businesses under one subscription
• Create and send professional invoices in seconds
• Allocate business expenses from live bank feeds to make sure nothing is missed
• Track PSI income, labour hire, and other assessable income and expenses
• Manage business assets with automated depreciation and instant asset write-offs
• Track apportioned running and occupancy costs with a compliant home office diary
• Log kilometres and manage expenses with a compliant vehicle logbook
• Automate vehicle loan tracking with amortisation schedules
• Use the non-commercial loss calculator to check if losses can offset other income
• Automatically track carry-forward losses so nothing gets overlooked
• Access live BAS reporting to manage GST and ATO lodgements
• Separate primary production and non-primary businesses for accurate reporting
• View real-time business schedules and transaction reports to simplify tax time
• Store all sole trader business documents and receipts securely in the Spare Tank

Property Investors

• Manage all properties in one place using Portfolios, regardless of ownership structure
• Track income, expenses, tax, and cash positions in real time
• Monitor performance, including capital growth, LVR, and yields
• Maximise claims with automated depreciation
• Create DIY projects to manage structural improvements
• Automate borrowing expenses for loans and refinancing
• Create custom portfolios to track properties in trusts, companies, or your SMSF
• Easily calculate claim percentages for shared properties, including Airbnb, Stayz, and room rentals
• Track expenses in a custom land portfolio before your property is available to rent
• Use the real-time CGT calculator to see the impact on your tax return
• Update live property values and growth percentages, powered by CoreLogic
• Calculate borrowing power with the interactive Net Surplus Ratio report
• Access instant property tax reports to share with your accountant
• Connect with Sharesight to sync live property data in the Sharesight platform
• Store all property documents securely in the Spare Tank’s dedicated property folder

Share & Crypto Investors

• Track the performance of shares, crypto, and unlisted assets in one place
• Automatically calculate CGT for shares, crypto, and other assets
• Manage income and expenses, including dividends, interest, and staking
• Create custom tickers to track unlisted assets or other investments
• Access live CGT reports year round
• Automatically track and carry forward capital losses to offset future gains
• Connect with Sharesight to sync your trade history

Pricing:

• From $6/month (with different tanks/modules available depending on your needs)

Best for: Sole traders, side hustlers, investors, employees, and anyone with multiple income streams who wants to stay tax-ready year-round.

May not suit: Those who prefer a once-a-year manual tax return and don’t need ongoing tracking or insights.

Final Thoughts: Which Tax App Should You Use?

The best tax app for you depends on what kind of taxpayer you are:

Ready to simplify your tax?

Check out TaxTank and see how it stacks up.

No more last-minute scrambling. Just live tax tracking, clear insights and better outcomes, all in the one tax app.

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 a bid to identify property owners who may have left rental income off their tax returns for the 2023 and 2024 financial years, the ATO has sent out mass letters warning recipients to amend their returns by 22 April 2025 or risk penalties if audited.

But here’s the catch: some taxpayers receiving these letters don’t even own the properties listed.

A Familiar Data-Matching Failure?

Tax agents across the country have raised the alarm after seeing multiple cases where clients were wrongly accused of underreporting rental income. While the ATO claims the letters are meant to “prompt individuals to review and amend if mistakes were made,” the errors have left taxpayers unnecessarily stressed and tax professionals scrambling for answers.

One tax agent described the situation as a “data-matching disaster,” comparing it to the flawed logic behind Robodebt, where automated systems issued incorrect debt notices, causing widespread financial and emotional distress. While this latest issue isn’t on the same scale yet, the parallels are clear. When government agencies rely too heavily on unchecked data, innocent people get caught in the crossfire.

The Problem with the ATO’s Approach

The biggest concern isn’t just that errors are occurring. It’s the language used in the letters. Words like “audit” and “penalty” trigger unnecessary panic, with taxpayers assuming they have done something wrong even when they haven’t.

Many tax agents are now spending valuable time reassuring clients that they don’t need to worry. Some have even advised clients to ignore the letters altogether, given the ATO is already aware of the issue. But this raises another problem. Should taxpayers be responsible for fixing an issue they didn’t create?

DebtThreat: How to Navigate the ATO’s Aggressive Tactics

The ATO’s DebtThreat—sending out intimidating letters and warnings—can make even the most experienced taxpayers feel anxious. But you don’t have to go it alone. Using a software like TaxTank can help clarify your tax situation quickly. TaxTank’s data-matching and automation features allow you to easily verify your returns, catch discrepancies, and avoid unnecessary panic.

What Should You Do if You Receive One?

If you or your clients receive one of these letters:

Don’t panic. Errors are being widely reported. Check for any important deadlines.

Check your tax return. Ensure all rental income has been included.

Contact the ATO if the letter is incorrect. This will help prevent future errors.

Speak to a tax agent. If you’re unsure, professional advice can provide clarity.

Start using TaxTank. Quickly clear up any discrepancies with automated tools and simplify your tax management.

The ATO says it is working to improve its data-matching processes, but for now, it’s another reminder that automation isn’t always accurate, and taxpayers shouldn’t be left to clean up the mess.

If you want to stay ahead of the ATO and be prepared for a DebtThreat letter, then start using TaxTank today.

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!

What is an ABN?

An ABN is a unique 11-digit number issued to businesses by the Australian Business Register (ABR). Sole traders must have an ABN to legally operate a business, issue invoices, and register for GST if required. Having an ABN also simplifies interactions with the Australian Taxation Office (ATO) when filing tax returns and claiming deductions.

To streamline these interactions, TaxTank offers features specifically designed for sole traders. From tracking income to instantly calculating deductions, TaxTank ensures you meet your tax obligations without the stress. TaxTank’s real-time ABN tax calculation feature helps sole traders stay on top of their tax obligations.

Key Taxes for ABN Holders

Income Tax for ABN Holders – How does it work?

Did you know that under one ABN, you can operate up to six different businesses, each requiring its own business schedule? Managing these businesses can be complicated, especially at tax time. But with TaxTank, it’s a breeze! TaxTank allows you to manage one or multiple businesses in a single account, automatically generating separate business schedules for each one, simplifying tax time and ensuring compliance.

Key Taxes for ABN Holders
As a sole trader, all income earned under your ABN must be reported as part of your individual income tax return. Taxable income is calculated by subtracting your allowable deductions from your total business revenue.

Example:
Let’s say you operate two businesses; a consulting firm and drive part-time for Uber under the same ABN. Here’s how TaxTank makes it easy:

• Your consulting business generates $100,000 in gross income, with $30,000 in deductions.
• Your Uber driving side gig brings in $20,000 in gross income, with $5,000 in deductions.

TaxTank will generate separate business schedules for each, allowing you to track your taxable income and projected tax liability in real-time through efficient ABN tax calculation tools.

Income Tax Calculation Example
Here’s how the numbers look:

Consulting business:

Gross income: $100,000
Deductions: $30,000
Taxable income: $70,000

Uber driving:

Gross income: $20,000
Deductions: $5,000
Taxable income: $15,000

For the 2023-24 financial year, your tax will be calculated based on Australian individual tax rates:

• The first $18,200 is tax-free (0%)
• $18,201 – $45,000 is taxed at 19%
• $45,001 – $120,000 is taxed at 32.5%

With TaxTank, this process is automated. The software calculates your tax liability based on real-time data, reducing the risk of errors and ensuring accuracy. So whether you have one business or six, TaxTank makes ABN tax calculation easy to stay on top of your taxes all year long!

Tip: Keep Up with Tax Rate Changes
Tax rates can change each financial year, and it’s essential to stay informed to ensure accurate tax planning. For the 2024/25 financial year, here are the updated tax brackets:

• The first $18,200 remains tax-free (0%)
• $18,201 – $50,000 is taxed at 19%
• $50,001 – $130,000 is taxed at 30%
• $130,001 – $200,000 is taxed at 37%
• $200,001 and above is taxed at 45%

With TaxTank, these changes are seamlessly incorporated into your tax calculations, ensuring you’re always up to date with the latest rates and prepared for the next tax season!

GST and ABN Holders – When do you need to register for GST?

If your annual turnover exceeds $75,000, the ATO requires you to register for Goods and Services Tax (GST) across all your businesses under the same ABN. Once registered, you must charge 10% GST on your goods and services and remit it to the ATO via Business Activity Statements (BAS). However, here’s the fun part; some industries, like rideshare driving for Uber, require GST registration regardless of turnover. Yes, even if you’re only earning $20,000 driving part-time, the ATO still insists you sign up for GST. Why? Because they can, apparently.

This rule applies to other industries too, such as taxi drivers and certain other service providers. So, if you’re an Uber driver, even if you don’t hit the $75,000 threshold, you’re still roped into GST reporting.

Example:
Let’s say your consulting business brings in $100,000 (GST-exclusive), and your Uber driving adds $20,000. Both must be accounted for under the same ABN. Here’s how GST would be calculated across your businesses:

• Total business turnover (Consulting + Uber): $120,000
• GST collected: 10% of $120,000 = $12,000
• GST credits (for business expenses): $3,000
• Net GST payable to ATO: $12,000 – $3,000 = $9,000

With TaxTank, managing this is easy. It automatically tracks your income and expenses across all businesses and generates the necessary BAS. You can track your GST credits and liabilities in real-time, avoiding any surprise bills at the end of the quarter. And hey, at least TaxTank’s spowerful ABN tax calculation features ensure full compliance with ATO requirements.

Deductions for ABN Holders

As a sole trader, you can claim deductions on a wide range of business expenses, reducing your taxable income and lowering your overall tax liability. With TaxTank, tracking and claiming deductions is made effortless, so you don’t miss out on potential savings.

Common Deductions Include:

Vehicle and Travel Expenses:
If you use your vehicle for work, whether it’s for Uber driving or meeting clients, you can claim a deduction. Choose between claiming based on the distance travelled (cents per kilometre) or by calculating actual vehicle operating costs, such as fuel, insurance, and maintenance. TaxTank tracks these automatically for you, making ABN Tax Calculation easier.

Business-Related Equipment:
The cost of items like laptops, software, and tools used for business purposes are deductible. Smaller items may qualify for the instant asset write-off, while larger purchases might need to be depreciated (more on that below).

Professional Services:
Fees paid to accountants, tax advisors, or legal professionals who assist with your business are deductible. So, when you pay someone to help you navigate the ATO’s ever-changing tax rules, those fees can lower your taxable income.

Home Office Expenses:

If you run your business from home, you can claim a portion of household bills based on your business usage. The eligible deductions include:

• Utilities: A percentage of your electricity, gas, and water bills can be claimed if you use a dedicated space in your home for business purposes. For example, if your home office takes up 10% of your home’s floor space, you can claim 10% of your utility costs.
• Internet and Phone: If you use your home internet or phone for business purposes, you can claim a proportion of the costs based on business usage. For instance, if 60% of your internet is used for business, you can claim 60% of the total cost.
• Cleaning and Maintenance: Expenses related to cleaning and maintaining your home office space are also deductible.

TaxTank helps you track these expenses and apply the correct percentage for business use, ensuring you don’t miss out on valuable deductions, helping to optimise ABN Tax Calculation.

Depreciation:

For larger purchases, you might need to claim depreciation over time rather than deducting the full cost in the year of purchase. TaxTank automatically calculates and tracks depreciation so you don’t have to worry about missing deductions.

Understanding Depreciation:

• Instant Asset Write-Off: For assets costing up to $20,000 (for 2023-24), you can claim the full cost in the year of purchase. This is ideal for items like laptops or office furniture.
• General Depreciation Pool: For higher-value assets that don’t qualify for the instant write-off, the ATO requires you to place them in the small business general pool. In the first year, assets are depreciated at 15%, and for subsequent years, they are depreciated at 30%. This applies to large purchases like vehicles or expensive machinery, and TaxTank tracks these assets year after year, ensuring maximum benefit.

Example of Claiming Deductions:

Let’s say you run a consulting business from home and drive part-time for Uber, operating both under the same ABN. Your expenses and deductions might look like this:

With TaxTank, all of these expenses are tracked, categorised, and the correct depreciation rates applied to eligible assets, ensuring no deduction is missed while managing your ABN Tax Calculation.

Business Concessions:

Don’t forget about small business concessions like the instant asset write-off and simplified depreciation rules. These can make a significant difference in reducing your taxable income. With TaxTank, you’ll always be kept up-to-date on changes to these rules, so you can make informed decisions and claim deductions at the right time.

Pro Tip: Depreciation on big-ticket items like vehicles can significantly reduce your tax liability. With TaxTank handling the details, you can maximise your deductions without having to navigate the ATO’s complex depreciation rules on your own.

Superannuation for ABN Holders

Sole traders are responsible for their own superannuation. Although it’s not compulsory to pay yourself super, it’s highly recommended for future financial security. Contributions to super are tax-deductible, reducing your taxable income. 

You can contribute up to the concessional (pre-tax) contributions cap, which is $27,500 for the 2023-24 financial year. Super contributions are taxed at 15%, which is generally lower than personal income tax rates.

Example of Super Contribution Deduction:

• Super contribution: $10,000
• Tax on contribution (15%): $1,500
• Deduction on taxable income: $10,000
• Tax saving (32.5% tax rate): $3,250 – $1,500 (super tax) = $1,750

By contributing to your super, not only are you investing in your future, but you’re also benefiting from an immediate tax deduction. With TaxTank, tracking your super contributions is easy, ensuring you maximise your entitlements and stay on top of your financial planning.

PAYG Instalments for ABN Holders

How PAYG Works:

Based on your previous tax returns or estimated income for the current year, the ATO will notify you if you’re required to make PAYG instalments. The amount is calculated based on your expected income, ensuring you are contributing toward your tax liability throughout the year, rather than paying it all in one lump sum at the end.

PAYG Instalment Example:

Let’s say your projected annual tax liability is $13,217. TaxTank will automatically calculate your quarterly PAYG instalments as approximately $3,304, breaking down your payments into more manageable chunks. By making these quarterly payments, you avoid any surprises or large tax bills at the end of the financial year.

Why PAYG is Important:

1. Cash Flow Management: Instead of dealing with one big tax bill at the end of the year, PAYG helps spread the cost across four payments. This keeps your cash flow smoother and reduces financial stress.
2. Avoid Interest and Penalties: If you don’t keep up with your PAYG obligations, the ATO may charge interest or penalties on unpaid amounts. Regular instalments ensure you stay compliant and avoid these extra costs.
3. Tax Planning: With TaxTank, tracking your income and estimated tax liabilities throughout the year is easy. You’ll know exactly how much to set aside for PAYG and can avoid overpaying for underpaying, ensuring your instalments are accurate.

Pro Tip: If your income or tax situation changes during the year, you can adjust your PAYG instalments to reflect your updated tax position. With TaxTank, you can keep on top of these changes and ensure you’re always paying the right amount.

ABN Tax Calculator

Use the below ABN Tax Calculator to estimate^* your sole trader tax obligations. This ABN tax calculator computes the estimated tax for sole traders and ABN holders based on your inputs.

*DISCLAIMER: This sole trader (ABN) tax calculator is provided for informational purposes only and should not be considered as financial or tax advice. The results generated by the calculator are estimates based on the information provided and the current tax rates. Tax laws and regulations are subject to change, and the actual amount you owe or receive may vary.

Final Thoughts on ABN Tax Calculation with TaxTank

As a sole trader with an ABN, mastering your tax obligations is crucial for maintaining healthy business finances. Understanding the deductions you’re eligible for, how GST applies, and the benefits of contributing to super can significantly reduce your tax liability and boost your financial outcomes.

Don’t Forget Substantiation

One essential aspect of claiming deductions is substantiation, keeping accurate records and receipts to support your claims. The ATO requires you to maintain records for at least five years. Without proper documentation, you risk having deductions denied or facing penalties. With TaxTank, you can effortlessly store and organise all your receipts and records digitally, ensuring you’re always prepared and compliant.

Navigating Tricky Claims Like Depreciation

Some deductions, like depreciation, can be complex. Miscalculations can lead to missed deductions or issues with the ATO. TaxTank simplifies this process by automatically calculating depreciation on your assets, whether they’re eligible for the instant asset write-off or need to be added to the general depreciation pool. This ensures you’re maximising your deductions without the hassle of manual ABN tax calculations.

Special Tip: Save Money with Accurate Record-Keeping

Accurate record-keeping isn’t just about staying compliant; it’s a smart way to save money. By diligently tracking your expenses and properly substantiating your claims, you’re less likely to miss out on eligible deductions. Every receipt captured and categorised in TaxTank is an opportunity to reduce your taxable income, ultimately keeping more money in your pocket.

With TaxTank, you gain full control over your business finances, tracking income, expenses, GST, and deductions in real-time. Tax time no longer needs to be a burden when you have the right tools at your disposal.

Ready to simplify your tax process and maximise your savings? Start your free trial with TaxTank today and experience the difference for yourself!