After you sign up for Hnry and complete your profile, we give you your own unique Hnry Bank Account. But how does your Hnry Bank Account work?
How about a free $1 from Hnry for a quick demo!
The $1 Free Trial is an opportunity for those who would like to experience exactly how the Hnry Bank Account works, the concept behind the pay-as-you-go service we provide and how your initial tax rates are calculated on your payslips.
You can begin your $1 Free Trial once you have verified your identity, either:
- Directly from the Dashboard by selecting the 'Take me there' button
- Or immediately after adding your photo ID by selecting the 'Try it Now' button
If at any stage you select 'Not Now' the trial will remain available to you until you are first paid into your Hnry Bank Account by your client, at which stage the trial will then automatically be removed.
We will send you a Free $1 to your Hnry Bank Account so you can see the following:
- What the Payslips in Hnry look like
- What your initial tax rates are, based on your annual forecasted income
- How fast payments are processed through Hnry
- How quickly the money arrives into your personal bank account
We will automatically calculate, deduct and pay your taxes to the relevant agencies and send you the net balance from your payslip immediately.
We will even claim the Hnry fee as a Business Expense for you on this payslip and provide the automatic tax relief.
Confirming your total income
If you have unintentionally entered your estimated income incorrectly, now is the opportunity to change this and we will ensure this new estimate is reflected in your details.
Note: your estimated income for the year should be the total Gross Income you expect to earn across all income sources and not only your self-employed income. This is essential so that we can accurately record your income and calculate your initial tax rates for your payments that arrive into your Hnry Bank Account.
Once you have confirmed your estimated income for the financial year, we will then use this information to calculate your tax rate on your payslip.
Your tax deductions automatically made on your payslip will comprise of the following:
- Income Tax
- ACC/Medicare levies
- GST (if applicable)
- Student Loan payments (if applicable)
- Hnry fees
Note: Any Allocations you set up in your Hnry profile prior to beginning the $1 Free trial will also show in the payslip ie: Kiwisaver contributions. If you wish to view what this would look like before proceeding, you are able to select 'Back' and add those voluntary contributions into your 'Allocations' tab.
Once you have viewed the payslip and what the calculation and deductions will look like for you, simply click the 'Get Paid' button and receive the net balance of your Free Trial immediately to your personal bank account. It is that quick and that easy!
If you have any questions about how the Hnry Bank Account works or need any further information, please do not hesitate to get in touch with one of the team on email@example.com