Tax software for sole traders who want to know where they stand

Running your own business should not mean waiting until tax time to find out what you actually earned or how much tax you need to pay.

TaxTank is tax software for sole traders, freelancers and independent contractors in Australia. It brings your business income, expenses, deductions, GST and other personal income together, then calculates your estimated individual tax position throughout the financial year.

Track your business, prepare invoices, organise records and understand how your sole trader activity affects your tax, all within one platform.

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More than accounting software for your business

Most accounting software stops at business profit. For a sole trader, that is only part of the picture.

Your business profit flows into your individual taxable income alongside salary or wages, investments, rental properties, deductions and capital gains. All of these can change your final tax position.

TaxTank brings your business accounting and individual tax together. You can manage your day-to-day business while seeing what your income, expenses and decisions may mean for your calculated tax position throughout the year.

With TaxTank, you can:

Manage your business throughout the year with Australian built tax software for sole traders

TaxTank includes the tools Australian sole traders need to organise their business finances and prepare for tax obligations.

Income & expense tracking

Record business income and expenses using categories designed around Australian individual tax returns.

Transactions from eligible connected accounts can be brought into TaxTank ready to be reviewed and allocated. You can also enter transactions manually when required.

Quotes, invoices & clients

Create professional quotes and convert accepted quotes into invoices.

Add payment information and comments, manage client records and monitor outstanding invoice balances within the same platform you use to track your business and tax.

GST and BAS information

Track GST on business transactions and generate BAS reports using the information recorded in your account. If you manage more than one GST-registered activity, you can select the relevant businesses when preparing a BAS report.

Assets & depreciation

Record business assets and calculate estimated depreciation using the applicable method recorded in TaxTank.

Manage instant asset write-offs, general depreciation and small business pools while keeping each asset connected with your broader business and tax records.

Personal services income

Record personal services income, labour hire and other income relevant to your sole trader activity.

TaxTank helps organise this information and apply the relevant calculations based on the details entered into your account.

Business losses

Calculate estimated non-commercial business losses and keep track of losses carried forward from previous financial years.

Because your sole trader activity is connected with your individual tax position, you can see how the treatment of a business loss may affect your estimated result.

Profit and Loss reporting

Generate Profit and Loss reports for one or more business activities.

Choose between cash and accrual reporting, compare results with previous periods and export information to share with your accountant or adviser.

Business loans

Create amortisation schedules to monitor business loan balances and separate principal and interest components.

This helps keep loan information connected with the relevant business records and deductible expenses.

Track multiple sole trader activities in one place

Your work may span several businesses, income streams or side ventures. TaxTank lets you keep them organised without combining every transaction into one set of records.

You can manage up to six sole trader businesses under your ABN, with separate income, expenses and reporting for each. TaxTank then brings their combined results into your estimated individual tax position.

Generate reports for one business at a time or select multiple businesses when you need a combined view.

This can be useful if you:

For a fraction of the cost of other software, I get all the tools I need to manage my sole trader business and investments efficiently. It’s simple, smart, and effective.
Vinicius Gomes

Track other simple business activities without affecting your personal tax summary

TaxTank can also track certain business activities that should not be included as sole trader income in your individual tax summary.

A business can be excluded from the personal tax summary while its transactions and reports remain available within TaxTank.

This may be useful for tracking straightforward activities associated with:

For excluded businesses, you can still track income and expenses, connect eligible accounts, generate Profit and Loss reports and prepare BAS information.

Connect eligible accounts through Open Banking

Connect eligible Australian bank and financial accounts through secure Open Banking feeds.

Transactions can flow into TaxTank ready to be categorised and allocated to the relevant part of your finances. You can create bank rules for recurring transactions, attach receipts and keep your records organised throughout the year.

Rather than manually copying information between banking apps, spreadsheets and tax records, your financial activity can be managed within one platform.

You can also invite the people who help you manage your financial life, including your:

Everyone can work from the same up-to-date information instead of exchanging separate reports and email attachments.

Traditional accounting software records your business, TaxTank connects it with your tax

Traditional accounting software remains valuable for companies requiring payroll, inventory, formal financial statements or complex business reporting.

TaxTank is designed for sole traders who want to manage their business records and understand how their business activity connects with their individual tax position.

Records business income and expenses
Calculates business profit
Creates quotes and invoices
Produces Profit and Loss reports
Tracks GST and prepares BAS information
Manages business assets
Reports on the business as a separate activity
Usually requires personal tax to be calculated elsewhere
Primarily uses business accounting categories
Often includes payroll, inventory and formal financial reporting

Records business income and expenses using individual tax
Shows how business profit affects your individual tax position
Creates quotes and invoices within the same platform
Produces Profit and Loss reports across multiple businesses
Tracks GST and prepares BAS while keeping it connected
Calculates depreciation, instant asset write-offs and small business pools
Connects with employment income, properties and investments
Calculates your individual tax position throughout the financial year
Uses categories aligned with an Australian individual tax return
For Australian sole traders, freelancers and independent contractors

See your live sole trader tax position before year-end

Your sole trader tax position can change with every invoice, deductible expense, asset purchase and change in income.

TaxTank applies Australian individual tax calculations to the information recorded in your account. As your business income and expenses change, your estimated tax position updates.

This allows you to monitor whether you may have tax to pay, see how deductions may affect the result and identify missing transactions or documents before tax time.

You can also generate reports that organise information for your accountant or help you prepare to self-lodge through myTax.

Know more than what your sole trader business earned

Your business profit is only one part of your tax position.

TaxTank connects your sole trader income, expenses, deductions and business records with the other areas of your individual tax, helping you understand where you stand throughout the financial year.

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

It's easy to get started

Getting started with TaxTank is simple and affordable.

For just $108 per year, you get access to the best sole trader tax software that lets you manage your sole trader income and tax.

SOLE TANK

Simply add Sole Tank so you can manage your sole trader tax in one simple platform.

$9/month

Paid Annually

Trusted by Sole Traders across Australia

TaxTank helps sole traders replace disconnected spreadsheets, receipts and business apps with one organised view of their business and sole trader tax.

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

What is tax software for sole traders?

Tax software for sole traders helps individuals record business income, expenses, deductions and other information required to manage their tax obligations.

Some platforms focus only on bookkeeping or expense tracking. TaxTank also applies Australian individual tax calculations, helping sole traders understand how their business activity may affect their estimated overall tax position.

What is the best tax software for sole traders in Australia?

TaxTank is the best tax software for sole traders in Australia who want to manage their business records and understand their individual tax position within the same platform.

Sole Tank tracks business income, expenses, invoices, GST, BAS information, assets, depreciation, PSI and business losses. It also connects sole trader profit with other individual income and calculates the total tax position throughout the financial year.

Traditional accounting software may be more appropriate for companies requiring payroll, inventory or complex financial statements. TaxTank is designed around individuals who report sole trader activity in their personal tax return.

Is TaxTank accounting software?

Yes. TaxTank is accounting software designed specifically for Australian individuals and sole traders.

It includes income and expense tracking, invoicing, bank feeds, GST records, business assets, depreciation and Profit and Loss reporting.

Unlike traditional accounting software that focuses only on business records, TaxTank also connects your sole trader activity with your individual tax position. This allows you to see how your business profit, employment income, deductions, properties and investments may come together for tax.

Companies requiring payroll, inventory, formal balance sheets or complex entity reporting may need traditional business accounting software. TaxTank is designed for individuals who want to manage their business finances and personal tax within one platform.

Can TaxTank calculate my sole trader tax?

Yes. TaxTank uses the business income, expenses and other information recorded in your account to calculate an individual tax position throughout the financial year so you can know exactly how much tax you owe.

Can I use TaxTank if I have a job and a side hustle?

Yes. You can combine Sole Tank with Work Tank to manage sole trader activity and employment income within the same account.

This allows TaxTank to include your recorded salary, PAYG withholding, work-related deductions and sole trader profit when calculating your overall individual tax position.

Can freelancers and independent contractors use TaxTank?

Yes. TaxTank is designed for Australian sole traders, freelancers, consultants and independent contractors who report their business income through an individual tax return.

It can track business income and expenses, invoices, GST, assets, depreciation, PSI and other relevant business information.

Can I manage more than one sole trader business?

Yes. In TaxTank, you can manage up to 6sole trader businesses under your ABN, with separate income, expenses and reporting for each.

You can also add as many companies or other business activities as needed and exclude them from your personal tax calculations. Their transactions and reports remain available without affecting your individual tax summary.

Can TaxTank help with BAS reporting?

Yes. TaxTank can track GST and generate BAS reports using the transactions recorded in your account.

You can include one or more relevant business activities in a BAS report.

Can I use TaxTank for a company or trust?

TaxTank can track income, expenses, GST and reports for certain straightforward companies, trusts, partnerships or commercial property activities.

These businesses can be excluded from your personal tax summary. TaxTank does not calculate the separate income tax position of a company, trust or partnership and does not replace full entity accounting software where complex reporting is required.

Does TaxTank lodge my tax return?

No. TaxTank does not lodge tax returns or connect directly to the ATO.

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

How much does TaxTank cost?

Taxtank costs $108 per year for Sole Tank, equivalent to $9 per month paid annually.

Bundle discounts apply if you add other Tanks to manage employment income, properties, investments or personal finances.

Is there a free trial?

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