The best alternative to Xero for property investors
Xero is excellent business accounting software. It helps businesses reconcile transactions, send invoices, manage bills and produce financial reports.
But an investment property is not just another business account.
Property investors need to manage rental income, expenses, loans, depreciation, capital works, negative gearing and capital gains tax. They also need to understand how every property affects their complete individual tax position.
TaxTank’s Property Tank is built specifically for that.
It connects your property finances with Australian tax rules and automatically calculates what your properties mean for your tax throughout the year.
- No Credit Card Required
- Built for Australian Property Investors
TaxTank or Xero: the short answer
Choose Xero if you need general accounting software for running a business, including invoicing, payroll, bills, GST and financial statements.
Choose TaxTank if you are a property investor who wants to manage your portfolio, automate property tax calculations and see how your properties affect your complete individual tax position.
Xero records your property transactions.
TaxTank calculates what those transactions mean for your property, portfolio and tax.
As seen in
TaxTank vs Xero for property investors
YNAB and TaxTank both help you manage your money, but they are built for very different users.
YNAB focuses on hands-on budgeting without direct Australian bank feeds. TaxTank combines flexible budgeting with Australian Open Banking, automated transactions and live individual tax calculations.
Xero
- General business accounting software
- Records rental income and expenses
- General bank reconciliation
- Records assets and financial data
- Requires separate property tax calculations
- Does not calculate your individual tax position
- General fixed-asset functionality
- No built-in property CGT calculation
- General financial reporting
- Additional apps needed for property-specific functions
- Organised around accounting entities
TaxTank
- Built specifically for property investors
- Records and automatically categorises property income and expenses
- Live bank feeds with property-specific allocation
- Calculates property depreciation and capital works
- Built-in negative gearing and property tax calculations
- Automatically calculates your live Australian individual tax
- Property-specific assets, depreciation and low-value pooling
- Built-in property capital gains tax calculations
- Property performance, equity, tax and portfolio reporting
- Property tools are included in Property Tank
- Manage properties across different ownership structures together
This comparison was reviewed in September 2026 using publicly available product information. Features and pricing may change.
Property accounting built around your portfolio
Xero can record rental income and property expenses, reconcile bank transactions and produce general financial reports.
Property Tank goes further by applying Australian property tax rules to those records.
It calculates loan interest, borrowing expenses, depreciation, capital works, negative gearing and CGT, then includes the result in your live individual tax position.
You can manage Australian and foreign properties held personally, jointly, through a company, trust or SMSF in the same account. Each property and ownership structure remains separately recorded.
For Australian properties, CoreLogic data also helps you monitor current values, estimated equity, loan-to-value ratios and portfolio performance.
Your properties do not exist separately from your tax
Your final tax position can include much more than rental income and expenses.
Salary, PAYG withholding, sole trader income, work-related deductions, shares, cryptocurrency and other capital gains can all change the result.
TaxTank connects these areas through its modular Tanks and calculates everything in one individual tax position.
That is the real difference.
Xero tells you what happened in your accounts.
TaxTank tells you what it means for your tax.
Ready to take control of your property investment tax management? Sign up for TaxTank today or switch from Xero to experience unparalleled efficiency and accuracy tailored to property investors.
Compare the cost of managing your properties
Xero’s Australian business plans currently start from $37 per month at the standard price. Property-specific calculations may also require additional software, setup or support from an accountant.
Property Tank costs $180 per year, equivalent to $15 per month paid annually, and includes up to five properties.
Additional properties cost $36 each per year.
Xero offers strong value when you need complete business accounting. Property Tank is the better-value option when you need software built specifically for investment property management and Australian property tax.
- Free Trial
- No Credit Card Required
- Cancel Anytime
PROPERTY TANK
Simply add Property Tank so you can monitor your whole property portfolio in one place. You can manage up to 5 properties for only $15 a month.
$15/month
Paid Annually
ADDITIONAL
PROPERTIES
Have more than 5 properties? No problem, you can add as many as you like with our property add-on.
$3/month
Paid Annually
What Property Investors say about Australia’s first software built to calculate property tax in real time
TaxTank helps property investors replace spreadsheets, receipt folders and disconnected property apps with one live view of their portfolio, performance and tax.
It's literally about 10 minutes a week to allocate transactions and I'm on top of my paperwork which means no more spreadsheets or tax time stress.”
Frequently asked questions
Is TaxTank the best Xero alternative for property investors?
TaxTank is the better Xero alternative for Australians who want dedicated property management and tax calculations rather than general business accounting.
Can Xero be used for rental properties?
Yes. Xero can record rental income and expenses, reconcile transactions and produce financial reports. It does not automatically calculate property depreciation, negative gearing, CGT or your complete individual tax position.
Can TaxTank manage different property ownership structures?
Yes. You can manage properties held personally, jointly, through companies, trusts, SMSFs or any other structure within the same TaxTank account while keeping each property and structure separated.
Does TaxTank calculate property depreciation and CGT?
Yes. Property Tank calculates depreciation, capital works and property capital gains tax using the information recorded for each property.
How much does Property Tank cost?
Property Tank costs $180 per year, equivalent to $15 per month paid annually. It includes up to five properties, with additional properties costing $36 each per year.
Do I still need an accountant?
You can use TaxTank reports to prepare to self-lodge through myTax or share your information with your accountant.
Go beyond property accounting
Recording your rental income and expenses is useful. Automatically calculating what they mean for your tax is better.
Unlike general business accounting software, TaxTank brings your property income, expenses, loans, depreciation, negative gearing and capital gains together while calculating how each property affects your individual tax position.
No configuring generic accounts. No separate property tax spreadsheets. No waiting for tax time to understand the result.
Xero records your property transactions. TaxTank calculates what they mean for your tax.