Yes. TaxTank is purpose-built for individual tax returns, just like the ATO requires.
While it might seem convenient to share one account, TaxTank is designed to calculate and report tax for one individual taxpayer at a time, helping keep tax outcomes accurate and compliant.
That’s why we recommend each person have their own TaxTank account.
That said, many customers still use Money Tank and personal categories to manage broader household or family finances in the same account for budgeting and cash flow tracking.
This works well for things like:
shared spending
household bills
subscriptions
groceries
general personal finance management
The important distinction is that TaxTank’s tax calculations and tax reporting are still designed around one individual taxpayer per account.
Having separate accounts also helps ensure:
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 compliant.
Still want to manage everything in one account?
If you’d still prefer to manage both your tax and your partner’s from a single login, there are a few ways to keep things organised. Just keep in mind this isn’t our recommended long-term setup, as it can affect the accuracy of tax calculations.
Here are some ways customers commonly manage this:
Use Dual Bank Profiles
TaxTank allows you to connect multiple bank profiles for the same bank, helping keep transactions separated while still managing everything from one dashboard.
Use personal categories for household transactions
You can create custom personal categories for your partner’s or household income and expenses so they don’t affect your tax summary.
Shared properties
This approach works best when ownership is 50/50, as TaxTank calculates tax outcomes based on ownership percentage.
If ownership is not 50/50, you can still record the property under one person and manually split reports outside TaxTank if needed. Just note that the Tax Summary may not reflect the correct ownership split in this setup.
Joint shareholdings
For joint investments, record your holdings under “Held in my name” and your partner’s under “Held in other entity” to help keep your tax summary accurate.
And one final reminder: tax in Australia is lodged individually, so it’s important that each TaxTank account only tracks one person’s tax position.
Still managing tax the hard way?
With TaxTank, you can track income, expenses, deductions, and personal finances in real time, helping keep everything organised throughout the year.