Adding a business is super simple and can be completed quickly during the onboarding process. When you first navigate to the Sole Tank dashboard, the Add Business pop up will open automatically.
Step 1 - Add your ABN
The first step is to add your ABN and select where or not you are 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.
How to add additional businesses
To add additional businesses, navigate to Sole Tank and select the 'Add Business' button above the Overview section.
FAQs
Q: Can I manage multiple businesses with different ABNs in TaxTank?
A: Yes. If you’re a Sole Trader, you can operate up to six businesses under a single ABN. TaxTank also allows you to manage additional businesses that aren’t Sole Trader businesses. These businesses are excluded from personal tax calculations and can have a different ABN, GST registration status, and address. (Sole Trader businesses are reported under the same ABN and must have the same GST registration.) This article has more details.
For BAS reports, you’ll soon be able to select one or more businesses, keeping in mind that businesses with the same ABN should be lodged together in the same BAS report. This feature will be live in the next few days. You also have a P&L report with the same functionality for business reporting.
Q: How do I update business information after adding a business?
A: Simply navigate to the Business tab and select the edit icon. Read more
Q: I can’t find my Industry Code. What should I do?
A: Industry codes are broad, and one code can cover many different work types, activities, and industries. If a code isn’t an exact match to your role or title, choose the one that is closest.
Example: Search using the broadest term for your business and select the closest match:
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’
Q: What is a Primary Production Business?
A: 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.