Yes. TaxTank is purpose-built for individual tax returns, just like the ATO requires. While it might seem convenient to share one account, the reality is that our entire system architecture is designed to calculate and report tax for a single person only.
Supporting two people in one account isn’t just a settings tweak, it would require a complete overhaul of the platform’s infrastructure. Every Tank, transaction, rule and report is tied to one individual’s tax position. Mixing two people's data would compromise the accuracy of calculations, create reporting conflicts, and break compliance with individual tax law.
That’s why each person needs their own TaxTank account and to ensure the system works as intended and tax outcomes are accurate and compliant.
Having separate accounts also ensures:
Accurate tax calculations based on your individual tax return
Full privacy and control over your financial data
Flexibility if your situation changes
The ability to claim your TaxTank subscription as a deduction
Bottom line? Tax returns are lodged individually, and TaxTank is built to reflect that. Separate accounts keep things simple, accurate and above board.
Still want to manage everything in one account?
If you’re set on managing both your tax and your partner’s from a single login, there are a few workarounds — but it’s important to know this isn’t our recommended approach long-term, as it can skew your tax calculations.
That said, if you decide to go down this path, here’s how to keep things as clean and accurate as possible:
Create custom personal categories for your partner’s income and expenses so they don’t interfere with your tax summary.
For shared properties, this approach only works cleanly if ownership is 50/50, as TaxTank calculates all tax outcomes based on ownership percentage.
Set ownership to 50% so tax is calculated correctly in your tax summary and property reports.
If ownership isn’t 50/50, you can record the property at 100% under one person and manually split the reports to reflect the correct share. Just note: the Tax Summary will be inaccurate using this method.
For joint shareholdings, record your holdings under ‘Held in my name’ and your partner’s under ‘Held in other entity’ to keep things separate and ensure your tax summary stays correct.
And just a final reminder: tax in Australia is lodged individually, so it’s essential to track only one person’s tax per account to stay accurate and ATO-compliant.
Still managing tax the hard way?
With TaxTank, you can track income, expenses, and deductions in real time, saving you hours of hassle. Start your free trial today and see why tax has never looked this good.