Financial Foundations
Open accounts, secure your TFN, and understand tax brackets with quick-read requirement lists.
Turn to page →Finance & Money Handbook
Understand the order of tasks required to establish your Australian financial profile. This handbook explains how to open everyday accounts, register for tax identifiers, review superannuation obligations, and schedule routine payments so your budgeting aligns with local regulations from your first pay cycle.
Your reference for Australian money matters
Use this guide to review account documentation requirements, the Australian Taxation Office calendar, superannuation contribution rules, and consumer protections that apply to new residents. Each section outlines the agencies to contact, the forms to prepare, and the comparison checks that help you choose products suited to short-term settlement and longer-term financial goals.
Tax & Super Overview
Review annual returns, employer contributions, and estimate your take-home pay with clear tables.
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Money Tools
Access comparison grids, disciplined budgeting methods, and checklists for future investments.
Turn to page →Essential Finance Information
Lay the groundwork for your Australian financial profile with these must-complete steps and quick stats.
Banking System
Australia has a robust banking system with the "Big Four" banks dominating the market.
Account fees: $0-15/month | No minimum balance required
Major Banks:
• Commonwealth Bank (CBA)
• Australia and New Zealand Banking (ANZ)
• Westpac Banking Corporation
• National Australia Bank (NAB)
What you need: Passport, visa, proof of address, initial deposit ($10-100)
Tax File Number (TFN)
Essential for working and earning income in Australia. Apply online through the ATO website.
Without TFN: Taxed at highest rate (45%) + Medicare levy
Requirements:
• Valid visa allowing work
• Passport or birth certificate
• Proof of identity documents
• Australian address
Processing time: 5-28 business days
Income Tax System
Progressive tax system with rates from 0% to 45%. Financial year runs July 1 - June 30.
Tax-free threshold: $18,200 | Medicare levy: 2%
Tax Brackets (2024-25):
• $0 - $18,200: 0%
• $18,201 - $45,000: 19%
• $45,001 - $120,000: 32.5%
• $120,001 - $180,000: 37%
• $180,001+: 45%
Superannuation
Mandatory retirement savings scheme. Employers contribute 11.5% of your salary (increasing to 12% by 2025).
Employer contribution: 11.5% | Preservation age: 60-65
Key Features:
• Compulsory for all employees
• Voluntary contributions allowed
• Tax advantages for contributions
• Cannot access until retirement
Choose your fund or use employer's default
Investment Options
Australia offers various investment opportunities with favorable tax treatment for long-term holdings.
Capital gains discount: 50% after 12+ months ownership
Popular Investments:
• Australian Stock Exchange (ASX)
• Exchange Traded Funds (ETFs)
• Managed funds and index funds
• Investment properties
• Term deposits and bonds
Home Buying & Mortgages
Strong property market with government incentives for first home buyers in some states.
Deposit required: 5-20% | Stamp duty varies by state
Key Considerations:
• Lenders Mortgage Insurance if <20% deposit
• First Home Owner Grants available
• Stamp duty concessions for first buyers
• Property investment tax benefits
Temporary residents can buy with restrictions
Tax & Super in Practice
Stay compliant with the Australian Taxation Office, model your take-home pay, and track the super contributions boosting your future wealth.
Income Tax Calculator
Calculate your take-home pay and tax obligations
Gross Income
Income Tax
Medicare Levy
HECS Repayment
Superannuation
Net Weekly Pay
Compare the Big Players
Stack the major banks and digital challengers side by side to pick the account that matches your spending style.
Bank Comparison
Compare the major Australian banks and their offerings
Major Australian Banks Comparison
Commonwealth Bank
$4/month fee
Extensive ATM network
Best mobile app
ANZ
$5/month fee
Good international services
Strong business banking
Westpac
$5/month fee
Good rewards program
Established presence
NAB
$4/month fee
No international ATM fees
Good customer service
ING (Online)
$0 monthly fee
High interest rates
No ATM fees
Up Bank (Online)
$0 monthly fee
Innovative app features
Budgeting tools
Money Tools and Resources
Put smart habits on repeat with credit-building tactics, investment cues, and planning moves built for Australian life.
Financial Success Tips
Smart strategies for building wealth in Australia
Build Credit History
Establish credit with a secured credit card or small personal loan. Pay all bills on time and keep credit utilization low to build a strong credit score.
Maximize Super
Consider voluntary super contributions for tax benefits. Salary sacrificing and government co-contributions can significantly boost your retirement savings.
Emergency Fund
Build 3-6 months of expenses in a high-yield savings account. Use online banks like ING or Up Bank for better interest rates and no fees.
First Home Buyer
Research state-based first home buyer grants and stamp duty concessions. Consider the First Home Super Saver Scheme for deposit savings.
Diversify Investments
Use ETFs for low-cost diversification. Popular options include VAS (Australian shares) and VGS (international shares) through Vanguard.
Tax Deductions
Keep receipts for work expenses, self-education, and investment costs. Consider professional tax advice for complex situations.