Moving to Australia

Sort out the money matters

We've put some information together that could help make things a little easier for your move, including banking, super and taxes.

Banking

If you're planning to work in Australia, employers usually pay salaries into a bank account. So open one when you arrive. You should also find out more about the different types of accounts available, such as:

• Everyday accounts
• Savings accounts
• Term deposits

And if you're currently overseas but planning to move to Australia, you can even apply for an ANZ Access Advantage (everyday account) and an ANZ Online Saver account (savings) prior to your arrival. Visit our Moving to Australia site to find out what to expect, including local knowledge tips, and apply online to open an ANZ bank account.

What you need to open a bank account

If you're a new customer who's opening an account, you generally need to provide one form of Primary ID (such as a driver's licence or passport) or two Secondary IDs (such as a birth certificate or citizenship certificate). To find out more and see the full list of acceptable forms of identification documents, read Customer Identification Process (CIP) - Acceptable Identification Documents PDF (44kB).

Superannuation 

You may not have heard of superannuation (usually just called 'super') before arriving in Australia. Commonly known in other parts of the world as pension plans, super is a type of investment plan designed to help you financially when you retire. Here in Australia, your employer is legally bound to pay at least 9.5% (up to certain limits) of your earnings into a superannuation fund or retirement savings account. You can also make your own contributions, but consider seeking professional financial advice before you do.

Taxes

Australia's taxation system is a complex one, with many different state and federal taxes. We won't go into too much detail here, but there are some important things you should know.

If you're planning to work in Australia, you'll need to get a tax file number (TFN) from the Australian Tax Office (ATO). It's not mandatory, but without a TFN, you'll automatically be taxed at the highest marginal rate and you may not have access to other benefits which you'd usually be entitled to.

Your employer will ask you for this TFN. And if you have savings and investments earning income, the bank (or other financial institution) managing these assets will also ask for it.

Tax file number applications are usually processed within 28 days, you can find out more on the ATO website.

Australia's financial year runs from July 1 to June 30 each year. If you earn more than a certain amount (you can look this up on the ATO website) during this period, you may need to pay income tax. As an employee, this income tax is normally deducted from your regular earnings. You'll also need to fill out a tax return at the end of each financial year. Depending on your situation, you may either get money back from the ATO, or you may owe them money.

Australia also has a goods and services tax (GST) which is 10% on most things you buy. This is also known as a value added tax in some other parts of the world.