Adding a business is super simple and can be completed quickly during the onboarding process. To add your first business simply navigate to the 'Sole' tank page, and select the 'here' button to get started.
Or to add additional businesses, navigate to the 'Sole' tank page and select the 'Add Business' button above the Overview section.
Both options will open the Add Business popup with fields to complete.
Step 1 - Add your ABN
The first step is to add your ABN and select where or not your registered for GST, then select the 'Save' button.
Step 2 - Add Business Information
The next step is to complete the business information fields. You can update this information anytime from the business tab so if you don't have exact number just use estimations to get started.
Business name: Enter your trading name
Business activity: Select your business industry code from the list.
Description of your business: Enter a brief description of your business activity (optional)
Website: Add your website address (optional)
Prior year losses: Add you total prior year losses, or $0 if not applicable.
Forecasted business Profit/(Loss): Add your expected business profit or loss for the current year for forecasting purposes.
Forecasted tax Instalments: Enter any expected PAYG tax installments payable to the ATO (ie. prepaying tax for the current financial year), or $0 if not applicable.
This is a Primary Production Business: If your business is a primary production business tick this box to ensure business information is reported correctly in the business schedule.
Once done select the 'Save' button.
Frequently asked questions
How many sole trader businesses can I have?
In TaxTank there is no limit to the number of sole trader businesses you can add. However the ATO does limit the number of Sole Trader businesses to six (6) in your individual tax return.
How do I update business information after adding a businesses?
Simply navigate to the business tab and select the edit icon. Read more
I cant find my Industry Code
The codes are very broad. One code might cover many different work types, activities and industries. If the codes are not an exact match to your role or title, choose the code that is closest.
Example: search for codes
Search the broadest term for your business and select the closest match. If you're a:
copywriter – search 'writing'
financial manager – search 'finance' or 'management' separately
ride-sourcing driver for Uber, Shebah, GoCatch or others – search 'taxi'
teacher – search 'teaching', 'school' or 'tutoring'.
What is a Primary Production Business?
A primary production business involves activities like farming, fishing, forestry, or horticulture, where natural resources are cultivated, harvested, or raised. This includes growing crops, raising livestock, fishing operations, or managing forestry activities for commercial purposes.