Banking Tax and Financial Services

Australia’s banks provide highly sophisticated online facilities and professional advice and assistance to local and international customers.

After arriving in Australia, you will need to seek financial services to help you set up a bank account, transfer funds from overseas or make investments in Australia. Australia has well-known reputation for financial security and stability and has a high credit rating by worldwide rating agencies. Banks are highly regulated to protect their customers’ money.

Banking

There are a large number of local and foreign banks and other financial institutions in Australia. The largest four are: ANZ, Commonwealth Bank, NAB and Westpac. Others include HSBC and St George.

Australian banks provide telephone and Internet banking, savings and cheque accounts, credit cards and debit cards and foreign exchange. Other financial services such as home loans, bank drafts and transfer of funds are also available.

Tax File Number

A Tax File Number (TFN) is an identity number issued by the Australian Tax Office (ATO) to help you lodge your tax return, track your superannuation and all other tax related matters. It is not compulsory to have a TFN. However, if you do not have a TFN, you may pay more tax than necessary on your employment income or on the interest on savings in your bank account.

Superannuation

Superannuation is the Australian system of retirement savings. The money comes from contributions made into your super fund by your employer and ideally, topped up by your own contributions. Sometimes the government will add to it through co-contributions and the low income super contribution. Most people can choose which super fund they’d like their super contributions paid into.

Other financial services

You may need to purchase house insurance, car insurance, or other financial products. You can choose form various insurance providers, such as GIO, NRMA, Allianz, and AAMI etc to get detailed information.

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