Money & Finance
Tax numbers, bank accounts, and super — the money basics that nobody explains when you first arrive.
26 tasks in this category
First Week
Apply for your TFN (Tax File Number)
A TFN is your unique tax ID in Australia. You need it to work, open bank accounts, and lodge tax returns. Without it, you'll be taxed at the highest rate.
Open an Australian bank account
You need a local bank account to get paid, pay rent, and manage daily expenses. Most banks have accounts designed for newcomers.
Know the Working Holiday Maker tax rate
As a WHM, you're taxed differently. The first $45,000 you earn is taxed at 15%, not the usual tax-free threshold.
First Month
Choose your superannuation fund
Super is Australia's retirement savings system. Your employer must pay 11.5% of your salary into a super fund. You can choose which fund.
Check Centrelink eligibility on Partner visa
Partner visa holders have a 2-year waiting period for most Centrelink payments. Some exceptions apply.
First 3 Months
Compare electricity and gas providers
Australia has many energy retailers with varying rates. Compare plans to find the best deal for your usage.
Confirm your super guarantee rate
As of July 2025, employers must pay 12% super guarantee on top of your salary. This is going up each year.
Check Centrelink support for new residents
Some PR holders and visa types can access Centrelink payments after waiting periods. Check what you're eligible for.
Claim the tax-free threshold
Australian residents for tax purposes don't pay tax on the first $18,200 earned. Tell your employer to reduce withholding.
Get car insurance (compulsory and optional)
CTP (Compulsory Third Party) insurance is required for registration. Additional insurance protects your car.
Get contents insurance for your belongings
Contents insurance covers your stuff against theft, fire, and damage. Your landlord's insurance doesn't cover your things.
First 6 Months
Consolidate multiple super accounts
If you've had multiple jobs, you may have multiple super accounts. Each charges fees. Combine them to save money.
Review super fund insurance
Many super funds include life, TPD, and income protection insurance. Check if yours covers you and if it's good value.
Understand Australian credit scores
Australia has credit scores like other countries. Your credit history here starts fresh, but matters for loans and rentals.
Understand HECS-HELP for citizens/PR students
If you're an Australian citizen or PR studying at university, you may be eligible for HECS-HELP - a government loan for tuition.
Apply for Child Care Subsidy
If you have children in childcare, you may be eligible for the Child Care Subsidy to reduce fees.
Get travel insurance for overseas trips
When leaving Australia for holidays, get travel insurance. Medicare doesn't cover you overseas.
Review and compare MySuper products
MySuper is a simple, low-cost default super option. If you're in a default fund, check if a MySuper product or a different investment option suits you better.
Check your credit report (free annual check)
You're entitled to a free credit report every 3 months from each credit bureau. Check for errors and understand your score.
Review your energy plan
Energy plan discounts often expire after 12 months. Check if you're still on a good deal or if it's time to switch.
Set up salary sacrifice for super
Salary sacrifice lets you contribute extra to super from your pre-tax salary. It reduces your taxable income and boosts retirement savings.
First Year
Claim your super when leaving Australia (DASP)
If you're leaving Australia permanently, you can claim your super money. It's called the Departing Australia Superannuation Payment (DASP).
Lodge your annual tax return
Australian tax year runs July 1 to June 30. Lodge your tax return by October 31 to avoid penalties.
Use First Home Super Saver Scheme
First home buyers can withdraw voluntary super contributions to buy a home. Tax benefits make this attractive.
File your first Australian tax return (step-by-step)
Your first Australian tax return can be confusing. Gather your documents, understand what you can claim, and lodge before the deadline.
Create or update your will and power of attorney
If you have assets in Australia, make sure your will is valid under Australian law. Consider a power of attorney for medical and financial decisions.
Australian Jargon You'll Need
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