While Sole Tank was originally designed for sole traders, many TaxTank users also use it to manage other types of business activity, such as simple trusts, small companies, or commercial property activities that require GST and BAS reporting.
To support this, you can now create businesses that are excluded from your personal tax calculations.
This allows you to track transactions, monitor performance, and run reports, without the income appearing in your individual tax summary.
How to exclude a business from personal tax calculations
Go to Sole Tank
Click Add Business at the top of the screen
Complete the business details
Tick “Exclude from personal tax calculations”
Enter the ABN and confirm whether the business is registered for GST
Click Save
Once this option is selected, the business will be excluded from your personal tax summary calculations.
What happens next?
After creating the business, everything else works exactly the same. You can still:
• Connect bank accounts
• Allocate income and expenses
• Track business performance throughout the year
• Run reports, including the new Profit & Loss and BAS reports
The only difference is that this business won’t be treated as sole trader income in your personal tax summary.
When should you use this option?
This feature is perfect when you want to manage business activity in TaxTank that doesn’t belong in your individual tax return, such as:
• Simple trusts and Partnerships
• Company-based micro businesses with no payroll or inventory
• Commercial property activities requiring BAS
• Other business structures where the income is reported separately
TaxTank is designed to reflect how people actually manage their finances, not force everything into a single structure.
FAQs
Q: Can I change an existing business?
A: Yes, absolutely. You can update an existing business at any time.
Open the business in Sole Tank
Select Edit in the Overview section
or go to the Business tab and choose Edit BusinessTick “Exclude from personal tax calculations”
Click Save
The business will then be excluded from your personal tax summary going forward.
Q: Can I update the GST registration later?
A: Yes, absolutely. If your GST registration status changes, you can easily update it.
Open the business in Sole Tank
Select Edit in the Overview section
or go to the Business tab and select Edit BusinessTick or untick the GST Registered box as required
Click Save
When updating this setting, new transaction allocations will apply from that point forward. Previously allocated transactions will remain unchanged.
