Over the years, we’ve seen a few weird misconceptions about Hnry floating around the internet. We’re not fans of that. So it’s time to mythbust!
1. We don’t pay the ATO your tax payments for ages
Nope, that’s wrong. We pay it straight away, every time you get paid. You can even check our work by logging into your ATO account via your myGov account.
We’ll be straight up – there are occasional exceptions to this rule, like first payments through Hnry that need to pass through some security bits and bobs, or if there are banking delays (such is life, eh) - but in most cases the money makes a momentary blip in your Hnry Bank Account before it’s divvied up and sent on its way.
2. We hold back some of your income
Our tech is specifically designed to calculate exactly how much tax (income tax, Medicare Levy, Student Loan, GST, etc, etc, etc) you need to pay on your self-employed income. That’s what makes Hnry so nifty, and it’s why we’re different from anything else out there.
We need the right info from you to calculate this properly, but assuming you give us that, we only take out the money you owe, and the rest is sent straight to you. All of it.
3. We’re not real accountants
When you get paid through Hnry, we do officially become your accountant. Yes, a real one.
Let us explain.
Accountants lodge your income tax and BAS returns whenever they’re due, review your expenses, represent you to the ATO as your tax agent and give you personalised answers to your most stressful tax questions. The qualified accountants on our team are always on hand to make sure you get all the help you need, when you need it.
If that doesn’t make us your accountant, you might want to rethink what an accountant is!
4. You need a traditional accountant alongside Hnry
We do all the things a traditional accountant can do (but better and faster!), so you’re covered across the board. No point spending money on an accountant when you already have one!
(Unless you really love your current accountant and want to use us alongside their services – we play nice with others).
5. You need to send invoices out of Hnry to use the service
If you’d rather use a different invoicing option, or have no need to send invoices, you can still use Hnry.
To be a Hnry customer, you just need to get paid through your Hnry Bank Account so we can calculate and pay your tax as you earn - and be your accountant. The app is there to use if and when you want it (for things like sending quotes and invoices, raising expenses, etc.).
6. Your tax needs are too complex
You might be surprised at all the things Hnry can assist you with! We can help you with complex tax situations, including:
- Having both sole trader and employment income
- Tax residency questions
- Rental properties
- Asset purchases
- Pretty much anything else… (and it’s a long list).
7. We’re “HNRY”
It’s ‘Hnry’ – like the name ‘Henry’ but without the ‘e’.