Solo is designed primarily for sole traders rather than companies. However, many people still use Solo to manage the accounting and tax of their registered limited company.
If you use Solo for your company there are a few considerations you need to be aware of:
Solo doesn't track or account for shareholder drawings.
The income tax estimate won't be completely accurate for your company. This is because the income tax calculation is based on the personal income tax brackets rather than the company tax rate.
You won't be able to manage your company tax and personal tax with the same Solo account. Because you and your registered company are seperate entities, with separate tax returns, you will need to separate Solo account to track each entity.
As a company you can still use Solo to track company income, claim expenses, depreciate assets, create invoices and file GST returns. The IR3 tax return figures that Solo generates can also be used for completing an IR4 company tax return.