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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

The promise sounds appealing. Upload a few documents, ask a chatbot some questions, and let AI handle your tax return.

But before you hand over your financial information to a generic AI tool, it’s worth understanding the risks, limitations and what AI can realistically do when it comes to Australian tax.

The reality is that not all AI is created equal. While AI can play a valuable role in tax management, relying on a general-purpose AI chatbot to prepare your tax return could lead to mistakes, missed deductions, privacy concerns and incorrect tax outcomes.

Why are people searching for AI Tax Agents?

Most Australians don’t want to become tax experts.

They want a simple way to:

• Track deductible expenses
• Understand their tax position
• Calculate capital gains tax
• Manage investment properties
• Manage logbooks and work from home
• Record sole trader income and expenses
• Prepare for tax time

AI appears to offer an easy solution. Instead of learning tax rules, people can simply ask questions and receive answers instantly.

The challenge is that tax isn’t just about answering questions.

Tax requires accurate calculations, complete records, supporting evidence, legislative interpretation and access to transaction-level data.

That’s where generic AI tools can fall short.

The problem with using generic AI for tax returns

AI only knows what you tell it

Most AI chatbots can only work with the information you manually provide.

If you forget to mention:

• An investment property
• Capital improvements
• Borrowing costs
• Depreciation claims
• Prior year losses
• Capital gains events
• Work-related expenses

The AI has no way of knowing.

Unlike dedicated tax software, generic AI cannot automatically monitor your financial transactions throughout the year.

The result is often incomplete information leading to incomplete tax outcomes.

AI can make confident mistakes

One of the biggest concerns with AI is that it can sound very convincing even when it’s wrong.

Australian tax law is complex and constantly changing.

An AI tool may:

• Apply outdated tax rules
• Misinterpret your situation
• Confuse overseas tax rules with Australian tax law
• Overlook important exceptions
• Recommend deductions you’re not entitled to claim

The ATO has repeatedly warned taxpayers that they remain responsible for the accuracy of their tax returns, regardless of where the information came from.

If an AI provides incorrect guidance, the liability still sits with the taxpayer.

AI doesn’t automatically verify your records

Tax returns rely on evidence.

You need records for:

• Income
• Expenses
• Investments
• Property transactions
• Vehicle use
• Home office claims
• Capital works and depreciation

An AI conversation cannot verify whether your records are complete or accurate.

Without proper data collection and record keeping, even the smartest AI cannot produce reliable tax outcomes.

Privacy concerns when sharing financial information with AI

Many Australians are now entering highly sensitive information into AI chatbots without fully understanding how that information is handled.

This may include:

• Tax file numbers
• Bank account information
• Income details
• Investment portfolios
• Property ownership information
• Business financial records

Before sharing financial data with any AI platform, it’s important to understand:

• Where the data is stored
• Whether it may be used for model training
• Who has access to the information
• How long the data is retained
• Whether the platform complies with Australian privacy requirements

For most taxpayers, providing detailed financial information to a public AI chatbot introduces risks that should be carefully considered.

The future of AI in tax

AI will absolutely play a larger role in tax management.

The question isn’t whether AI will be used.

The question is how it will be used.

The most effective tax solutions will combine:

• Automated calculations
• Structured financial data
• Australian tax rules
• Secure record keeping
• Real-time transaction monitoring
• Intelligent assistance

Rather than asking users to manually explain their finances, future tax tools will work from the underlying data itself.

This allows calculations to happen automatically and consistently throughout the year.

Why automated tax software is different

The biggest limitation of generic AI is that it relies on conversations.

Dedicated tax software relies on data.

Instead of asking:

“Can I claim this expense?”

The software already knows:

• What the expense was
• When it occurred
• Which account it came from
• Which asset or property it relates to
• Whether depreciation rules apply
• How it affects your estimated tax position

This creates a far more reliable foundation for tax calculations.

Why TaxTank is a better alternative to an AI tax agent

TaxTank was built specifically for Australian tax management.

Rather than relying on prompts and conversations, TaxTank calculates tax outcomes automatically in the background as your financial information is recorded.

TaxTank helps Australians:

Automatically apply Australian tax rules

TaxTank is built around Australian tax legislation and reporting requirements.

This helps ensure deductions, depreciation, capital gains and borrowing costs are treated correctly as transactions occur.

Should you use AI for your tax return?

AI can be useful for learning about tax concepts and understanding general information.

However, when it comes to calculating tax outcomes, tracking deductions and preparing for tax time, relying solely on a generic AI chatbot carries significant risks.

The better approach is to use software designed specifically for Australian tax management that can apply tax rules automatically using your actual financial data.

That gives you the benefits of automation without relying on incomplete conversations or guesswork.

Final thoughts

AI is changing the way Australians manage their finances.

But tax is still a data problem before it becomes an AI problem.

The most accurate tax outcomes come from structured financial records, automated calculations and software built specifically for Australian tax law.

Instead of asking an AI chatbot to estimate your tax position from a conversation, consider using a platform that calculates it automatically throughout the year based on your real financial information.

That’s the difference between asking questions about your tax and actually managing it.

FAQs

Ready to move beyond AI tax estimates?

While AI can help answer tax questions, accurate tax outcomes depend on something more important: your financial data.

TaxTank automatically tracks your income, expenses, investments and tax position throughout the year, applying Australian tax rules in the background so you can stay on top of your tax without relying on spreadsheets, manual calculations or chatbot-generated estimates.

Join thousands of Australians using TaxTank to manage their tax year-round and see your estimated tax position in real time.

Start your 14-day free trial today and discover a smarter way to manage your tax.

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.

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 estimated 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

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 $180 per year and includes up to five properties. Additional properties cost $36 each per year.

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 estimated 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 estimated 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

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

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 Australian Business Number, or ABN, is a unique 11-digit number used to identify a business. Sole traders carrying on an enterprise will generally need an ABN to invoice other businesses, register for GST and manage relevant business registrations and simplifies interactions with the Australian Taxation Office (ATO) . However, not every person earning occasional or hobby income is automatically entitled to an ABN.

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.

Australian individual income tax rates for 2026–27

Sole traders do not pay a separate ABN tax rate. Your net business profit is included in your individual taxable income and taxed at the Australian individual income tax rates.

For Australian residents, the 2026–27 rates are:

These rates do not include the Medicare levy. Tax offsets, deductions, other income and individual circumstances can also affect the final amount of tax payable.

Using the example above, the two businesses produce combined taxable business income of $85,000:

• Consulting business taxable income: $70,000
• Uber driving taxable income: $15,000
• Combined taxable business income: $85,000

Based only on the 2026–27 resident income tax rates, the estimated income tax would be $16,020. A 2% Medicare levy would add approximately $1,700, bringing the estimated total to $17,720 before any applicable tax offsets, adjustments or other income.

TaxTank combines the income and deductions recorded across your businesses with your other supported tax information to calculate an estimated individual tax position throughout the year.

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: From 1 July 2026, eligible small businesses with aggregated annual turnover of less than $10 million can immediately deduct the business portion of eligible depreciating assets costing less than $20,000.

The $20,000 threshold applies to each asset separately, so a business may be able to immediately deduct multiple eligible assets.

Assets costing $20,000 or more generally need to be added to the small business depreciation pool. They are typically depreciated at 15% in the first income year and 30% in each subsequent income year.

The applicable treatment depends on the business, the asset and when it is first used or installed ready for use.

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 generally responsible for making their own superannuation contributions. Unlike employees, they do not automatically receive compulsory employer super contributions on their sole trader income.

Eligible personal super contributions may be claimed as a tax deduction. If a deduction is claimed, the contribution counts towards the concessional contributions cap and is generally taxed at 15% within the super fund.

The general concessional contributions cap is $30,000 for 2026–27. This cap can also include employer contributions and salary-sacrifice contributions from any employment you have. Some people may be eligible to use unused concessional cap amounts carried forward from earlier years.

Example of a deductible personal super contribution

Assume a sole trader makes a $10,000 personal super contribution and meets the requirements to claim the full amount as a tax deduction:

• Personal super contribution: $10,000
• Contributions tax within the super fund at 15%: $1,500
• Reduction in taxable income: $10,000
• Income tax reduction at a 30% marginal rate: $3,000

In this simplified example, the income tax reduction would be $3,000 while the super fund would generally deduct $1,500 in contributions tax. The actual outcome depends on the person’s taxable income, contribution history and eligibility to claim the deduction.

To claim a deduction for a personal super contribution, you generally need to provide your super fund with a valid notice of intent and receive an acknowledgement from the fund.

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:

Suppose your estimated annual income tax and Medicare levy is $17,720. Dividing that amount into four equal amounts would give you a tax-planning estimate of approximately $4,430 per quarter.

This does not necessarily equal the PAYG instalment amount issued by the ATO. The ATO generally calculates instalments using an instalment amount or instalment rate based on information from your most recently lodged tax return.

TaxTank helps you monitor your estimated tax position and understand how much you may need to set aside. It does not determine or pay the official PAYG instalment amount issued by the ATO.

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!