I suggest you just pay your sole trader PAYG tax out of owners equity. Your profit and loss in Manager will show your profit / loss before tax.
It is possible to show profit after tax in Manager but I don’t think you will find it worth the effort. To do so you need to use the same structure as is used if you managed your businesses through a company:
- profit / loss expense account for “income tax”
- Balance sheet liability account for “Income tax liability”
- Balance sheet asset account for “Businesses PAYG paid”
- at least each quarter calculate your businesses before tax profit. Use the ATO tax calculator to estimate income tax liability. Use a journal entry to transfer this amount from the income tax expense account to the income tax liability account.
- when paying your BAS your PAYG is added to your “Businesses PAYG paid” asset account.
- when you pay your annual income tax use the actual figures to achieve the correct starting balance of the above 3 accounts for the next financial year.
For further discussion see What account does corporation tax go under?
So in summary it is possible to show “income tax expense”, “income tax liability”, and “PAYG asset”. But it is easier not show any of this and to just pay sole trader PAYG tax out of owners equity. Using the latter approach you need to put aside savings to pay your income tax if your businesses grows rapidly (when PAYG is inaccurate).