Money, Banking and Tax
Understanding money matters early protects you from expensive mistakes and scams. This guide covers banking, tax, government payments – and how to spot the tricks that target new arrivals.
Banking
- Open an account with your passport; within 6 weeks of arrival most banks need no other ID.
- Everyday accounts should be free or low-fee - compare before choosing.
- Banks will NEVER call and ask you to transfer money "to keep it safe".
Tax
- The tax year runs 1 July - 30 June. Most workers lodge a tax return each year, often getting money back.
- Your TFN is confidential - only give it to your employer (after starting), your bank and government.
- Free help: the ATO's Tax Help program for simple returns - volunteers, interpreters available.
Centrelink and superannuation
- Centrelink payments and services depend heavily on visa type and waiting periods - apply through myGov; a multilingual phone line is available.
- "Super" is compulsory retirement savings your employer pays on top of your wage. Choose one fund and give it to every employer - multiple accounts eat your money in fees.
Looking for answers?
Common questions
Find clear and detailed answers to all common questions about Migrants Hub Australia.