Employed and Self-Employed Tax Calculator

A salary and a side hustle can be a great combination. At tax time, things can get complicated quickly.

TaxTank brings your PAYG income, tax withheld, sole trader income, business expenses and deductions together to calculate your complete estimated tax position throughout the year.

See how your salary and business affect each other, how much tax you may need to put aside and where you stand before tax time arrives.

Most tax calculators only tell half the story

Most tax calculators estimate tax based on a single income source.

But if you have a PAYG job and earn additional income through freelancing, contracting, consulting or a side business, your tax is calculated on your total taxable income.

That’s where things become difficult.

A calculator may estimate tax on your salary.

Another calculator may estimate tax on your business income.

Neither shows how the two work together.

TaxTank combines both income sources so you can understand your overall tax position year-round.

Most people don’t need more bookkeeping.

They need better visibility.

As seen in

One tax position, even when you earn income multiple ways

Your employer withholds tax from your salary, but that withholding may not cover the tax created by your sole trader income.

TaxTank combines both sides of your financial life and updates your estimated tax position as your income, expenses and deductions change.

PAYG and side hustle income together

See your salary, tax withheld and business income as part of one individual tax position.

Real-time live tax tracking

See how much tax you may owe throughout the year instead of waiting until tax time.

Track deductible expenses

Track eligible expenses and understand how they may reduce your sole trader profit and overall taxable income.

Employment deductions

Manage work-related expenses alongside your business deductions without mixing the two together.

Connected bank feeds

Automatically import transactions from live bank feeds and allocate them to the correct employment or business category.

One clear view

See what has changed your estimated tax position and how much you may need to put aside.

Your employer only withholds tax from your salary

Your employer calculates PAYG withholding based on the salary they pay you. They do not know how much profit you are making from your side hustle or sole trader business.

That additional profit forms part of your individual taxable income and may push some of your income into a higher tax bracket. It can also affect tax offsets, Medicare levy calculations and other parts of your tax position.

Putting aside a fixed percentage of every business payment might sound sensible, but it does not account for your salary, business expenses, deductions or tax already withheld.

TaxTank brings everything together and recalculates your estimated tax position as your figures change.

You can see what your side hustle is actually adding to your tax bill and make a more informed decision about how much to put aside.

A spreadsheet can track two incomes but it can’t tell you what they mean for your tax

A spreadsheet or bookkeeping app may record your salary and business transactions, but that does not automatically calculate your complete individual tax position.

TaxTank applies Australian tax calculations across both income sources, so you can see the result rather than trying to piece it together yourself.

Salary recorded in one place
Business income tracked elsewhere
Separate deduction records
One-off tax estimates
Manual spreadsheets
Tax outcome unknown until later

PAYG income and withholding included
Sole trader income and expenses included
Work & business deductions kept organised
Tax position updates as your figures change
Connected financial records
Tax position visible throughout the year

TaxTank does more than add your income together. It considers the tax already withheld, eligible deductions and the profit from your sole trader business to show how everything contributes to your estimated individual tax position.

Built for Australians with a job and a business

Maybe you freelance after work, sell products online, consult on weekends or run a growing business alongside your regular job.

However you earn your additional income, your PAYG salary and sole trader profit eventually meet in the same individual tax return.

TaxTank helps you manage both without treating them as separate financial lives. Track your employment income and deductions through Work Tank, manage your business through Sole Tank and see their combined effect on your estimated tax position.

No calculator hopping. No spreadsheet formulas. No nasty surprise when your two incomes finally meet at tax time.

Everything you need to manage PAYG and sole trader tax

To manage both sides of your income, add Work Tank and Sole Tank to your TaxTank account.

Save 5% when you choose both

Pay $17.10 per month, paid annually, for one connected view of your employment income, business activity and live individual tax position.

SOLE TANK

Manage sole trader income, expenses, invoices, GST, BAS information, business assets, loans and deductions for up to six businesses under your ABN.

$9/month*

Paid Annually

WORK TANK

Track your salary, PAYG withholding, allowances, work-related deductions, vehicle use, working-from-home expenses and other employment income.

$9/month*

Paid Annually

See why Australians trust TaxTank with their business and tax

Managing a job and a business can feel like living two financial lives.

TaxTank gives employees, side hustlers and sole traders one place to organise their records, understand their estimated tax position and feel more confident about what comes next.

Rated 5 out of 5

“I recently joined Tax Tank, I have two small businesses and Tax Tank is affordable and easy to use once you learn the basics. The online support has been phenomenal, thank you Nicole. Everything was explained to me in an easy to understand manner. Any problems that have come up, usually my errors, the team helped me sort them out quickly and efficiently. Tax Tank has a great invoicing system and I can easily upload all my receipts for purchases and don’t have to keep photocopying and storing receipts anymore. I highly recommend giving Tax Tank ago.”

Sharon Anning

“Tax Tank has given me confidence to run my small business with ease and transparency. The incredible women who run this business have been absolutely amazing to work with and are friendly, professional and go above and beyond. Its a breeze to navigate and thats coming from someone who's genius zone is with people not on computers. I recommend them to everyone, they have seriously turned working for myself into a dream. The freedom and empowerment I've gained, now managing and thriving in my business is all thanks to Tax Tank. The ability to manage everything in one place creates ease and takes all the confusion out of something that has caused me fear and anxiety in the past. Hats off to the creators of Tax Tank, outstanding business and service!! If you aren't already all over Tax Tank for your business then you need to get onboard! Thank you, thank you, thank you!!”

Bianca Young

“I switched from using Hnry as I was sick of not being able to get support for days at a time and I found it an uphill battle to get all of my expense claims through. Especially the ones that I thought were obvious as a sole trader. I like that I can allocate my income and expenses and keep an eye on how much tax I need to put aside. Now I can earn interest on that money instead of paying it to the ATO early.”

Susa Åua

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Frequently asked questions

How is tax calculated if I am employed and self-employed?

Your salary and net sole trader profit generally form part of the same individual taxable income.

TaxTank combines your employment income, sole trader income, eligible deductions and tax already withheld to calculate your estimated individual tax position.

Can I have a PAYG job and operate as a sole trader?

Yes. You can work as an employee while also earning income as a sole trader, freelancer, contractor or side hustler.

The two activities are managed separately, but both contribute to your individual tax position.

Does my employer withhold tax for my sole trader income?

No. Your employer generally calculates PAYG withholding using the salary they pay you. They do not account for profit earned through your sole trader business.

This can leave you with additional tax to pay if you have not allowed for your business income.

Do I pay more tax if I am employed and self-employed?

Earning sole trader income increases your total taxable income, but the amount of additional tax depends on your business profit, salary, deductions, tax already withheld and other individual circumstances.

You are taxed on your net sole trader profit, not simply the total amount your customers pay you.

How much tax should I put aside for my side hustle?

There is no single percentage that works for everyone.

The amount you may need to put aside depends on your combined income, business expenses, deductions, marginal tax rate and tax already withheld from your salary.

TaxTank recalculates your estimated tax position as these figures change.

What is the difference between PAYG withholding and PAYG instalments?

PAYG withholding is tax withheld from payments such as your salary by your employer.

PAYG instalments are payments made during the year towards the expected tax on business or investment income. The ATO may enter you into the PAYG instalment system based on information in a previous tax return.

Can I claim deductions for both my job and my business?

Yes, provided the expenses meet the relevant eligibility and record-keeping requirements.

Employment deductions and sole trader business expenses should be recorded separately, even though both may affect your overall taxable income.

Which TaxTank subscriptions do I need?

Work Tank manages your salary, PAYG withholding and work-related deductions. Sole Tank manages your sole trader income, expenses, invoices, GST, BAS information and business records.

Using both gives you one connected view of your employment income, business activity and estimated individual tax position.

Is TaxTank different from a basic tax calculator?

Yes. A basic calculator provides a one-off estimate using the figures entered at that moment.

TaxTank tracks your financial information and updates your estimated tax position as your income, expenses and deductions change throughout the year.

Does TaxTank lodge my tax return?

No. TaxTank does not lodge tax returns.

It organises your information and produces reports that can help you prepare to self-lodge through myTax or provide the relevant information to your accountant.

Can I use my own accountant?

Yes. You can invite an accountant you already know and trust to access your current TaxTank information.

Is there a free trial?

Yes. You can try TaxTank free for 14 days without entering a credit card.

Don’t miss out on tax opportunities.

Try TaxTank for a free 14 day trial to feel confident about your tax position and transform the way you think about tax.