Sole Tank
Learn everything you need to manage your sole trader income and expenses with TaxTank. Simplify tax, track finances, and stay organised year-round.
31 articles
Sole Trader Setup & Business Details
Set up and manage your sole trader business in TaxTank with easy guides for GST, logos, and prior year losses.
- How to add a businessLearn how to add your sole trader business in TaxTank to manage income, track expenses, and streamline your tax obligations with ease.
- How to add a business logoEnhance your business profile by adding a logo in TaxTank to personalise your invoices.
- Logo size requirements for InvoicesEnsure your logo meets the required 150px x 150px size with 20px margins for optimal display across the platform and in your invoices.
- How to edit your Sole Trader business detailsLearn how to edit your Sole Trader business details in TaxTank with simple steps to update your info and avoid errors.
- How to update your GST registration statusLearn how to update your GST registration status in TaxTank and ensure compliance for all your businesses.
- How to add your sole trader business losses from prior yearsLearn how to add sole trader business losses from previous years in TaxTank to maximise your deductions and optimise your tax reporting.
- How to delete a Sole Trader business in TaxTankLearn now how to delete a sole trader business in TaxTank, ensuring all data is cleared first so the business can be safely removed from your account.
- How to add a business that isn’t part of your personal tax returnLearn how to add a business in TaxTank that’s excluded from personal tax to track income, expenses, and run reports for trusts, companies, and property activities.
Income & Expense Management
Learn how to track income, add non-invoiced earnings, and claim deductions like home office use in Sole Tank.
- How to add sole trader income without an invoiceLearn how to add sole trader income in TaxTank without using invoices. Keep your finances accurate and simplify your tax tracking.
- What income categories are available for invoices in Sole TankLearn the income categories available to cover all your business earnings in Sole Tank.
- How to use the home office diary as a Sole TraderLearn how to track your home office hours and expenses using the digital home office diary in Sole Tank.
- How to use the logbook feature as a sole traderLearn how sole traders can use the TaxTank logbook to track car use and claim vehicle expenses.
- When do Sole Tank invoice amounts show in the Tax Summary?Learn how TaxTank ensures accurate financial reporting by showing invoices when payments are received, aligning with cash basis principles.
- Can I use my business losses to offset my other taxable income?Learn how sole traders can use business losses to offset other income, how the non commercial loss rules work, and how TaxTank applies the test correctly each year.
Depreciation & Business Assets
Learn how to claim depreciation on tools, tech and equipment, use the instant asset write-off, and manage the small business pool in Sole Tank.
- How to add depreciation for business assetsLearn how to add business assets in Sole Tank using the standard depreciation methods, Prime Cost or Diminishing Value.
- How to use the Instant Asset Write OffFind out how to claim the full cost of business assets using the Instant Asset Write Off in Sole Tank, based on the current ATO threshold.
- How to use the small business poolLearn how to depreciate assets faster with the Small Business Pool in Sole Tank, using simplified rules and accelerated deduction rates.
Invoicing
Learn how to streamline your invoicing process and ensure timely payments from clients with TaxTank.
- How to create and send an invoice in TaxTankLearn how sole traders can create and send invoices in TaxTank with GST, payment details, line items and easy invoice tracking.
- How to create an invoice templateLearn to create customised invoice templates tailored to your sole trader business needs and enhance professionalism and efficiency.
- How to reconcile invoices using the find and match featureLearn how to reconcile invoices efficiently using TaxTank's find and match feature to streamline your reconciliation process.
- How automated invoice matching worksExplore how automated invoice matching works in TaxTank. Save time and effort by automating your invoice reconciliation process effectively.
- How to manage Contacts in Sole Tank (Quotes & Invoices)Learn how to manage contacts in Sole Tank. Add, edit, and organise clients so quotes and invoices stay accurate, records are tidy, and financial info is easy to track.
- How to include fees or deductions in an invoiceLearn how to include deductions or fees on your invoice to match the payment or bank transaction amount received.
- How to apply a discount or commission expense on an invoiceLearn how to apply a discount or commission expense on an invoice in TaxTank using negative line items for accurate deductions.
- How to resend an invoice in Sole TankLearn how to quickly resend an invoice in Sole Tank with just a few clicks. Edit, save and send directly from the Invoices tab.
- How to add a PayID to your invoices in Sole TankLearn now how to add a PayID to your Sole Tank invoices so clients can pay faster using an email or mobile number, with automatic payment details included.
- How to add comments to invoices in Sole TankLearn now how to add comments to your Sole Tank invoices to include notes, payment terms, or extra details that appear clearly on the final invoice sent to clients.
- How to copy an invoice in Sole TankLearn now how to copy an invoice in Sole Tank to quickly create a new draft using existing invoice details, saving time when billing similar or recurring work.
Quotes
Learn everything about Quotes in Sole Tank. Create, send, track, and convert quotes to invoices, manage statuses, and keep all your quote information organised.
- How to create Quotes in Sole TankLearn how to create, send, and track quotes in Sole Tank, convert them to invoices, and manage everything in one place without retyping.
- How to convert a Quote to an Invoice in Sole TankLearn how to convert a quote to an invoice in Sole Tank, carry over details automatically, and send it to your client in just a few clicks.
Reporting
Learn now to prepare and manage BAS and other tax reports in TaxTank with simple steps for sole traders.